Pampa Energía, an independent company with active participation in Argentina’s electricity and gas value chain, announces the results for the quarter ended on March 31, 2022. |
Buenos Aires, May 12, 2022
Stock information  Share capital net of repurchases and reductions,
as of May 11, 2022:
1,383.6 million common shares/
55.3 million ADSs Market capitalization:
AR$243 billion/US$1,158 million Information about the videoconference Date and time: Friday, May 13 10 AM Eastern Standard Time
11 AM Buenos Aires Time Access link:
bit.ly/Pampa1Q22VC For further information about Pampa · Email: investor@pampaenergia.com · Website for investors: ri.pampaenergia.com/en · Argentina’s Securities and Exchange Commission: www.argentina.gob.ar/cnv · Securities and Exchange Commission: sec.gov | | Basis of presentation Pampa’s financial information adopts US$ as functional currency, and it is expressed in AR$ at transactional FX. However, our affiliates Transener, TGS and Refinor report in local currency. Hence, their figures are adjusted by inflation as of March 31, 2022, except for previous periods already reported. Main results from the quarter[1] 28% year-on-year increase in sales, recording US$412 million[2] in Q1 22, explained by higher gas volumes and prices, petrochemical products prices and legacy energy sales, partially offset by the PPA maturity at CTLL’s ST. |
| | Pampa's main operational KPIs | Q1 22 | Q1 21 | Variation |
| | Power | Generation (GWh) | 4,892 | 4,443 | +10% |
| | | Gross margin (US$/MWh) | 28.9 | 30.0 | -4% |
| | | | | | |
| | Hydrocarbon | Production (k boe/day) | 57.5 | 43.8 | +32% |
| | | Gas over total production | 91% | 90% | +1% |
| | | Average gas price (US$/MBTU) | 3.5 | 2.8 | +27% |
| | | Average oil price (US$/bbl) | 69.0 | 55.4 | +25% |
| | | | | | |
| | Petrochemicals | Volume sold (k ton) | 91 | 98 | -7% |
| | | Average price (US$/ton) | 1,382 | 1,052 | +31% |
| | | | | | |
| | Excellent operating performance, led by hydrocarbon exports and higher thermal generation, above national growth, despite seasonality. 11% year-on-year increase in the adjusted EBITDA[3], recording US$226 million in Q1 22, explained by increases of US$23 million in oil and gas, US$6 million in power generation and US$5 million in holding and others, offset by a decrease of US$12 million in petrochemicals. Pampa recorded a consolidated profit attributable to the Company’s shareholders of US$99 million, US$66 million higher than Q1 21, mainly due to better operating margin in oil and gas, and lower losses from the holding of financial securities. Consolidated net debt decreased to US$845 million. |
[1] The information is based on FS prepared according to IFRS in force in Argentina. Only continuing operations are considered.
[2] It does not include sales from the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener and TGS, which at our ownership account for US$139 million. Under IFRS they are not consolidated in Pampa, thus shown as ‘Results for participation in joint businesses and associates’.
[3] Consolidated adjusted EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates’ EBITDA at our ownership. For further information, see section 3 of this Earnings Release.
| Pampa Energía ● Q1 22 Earning release ● 1 |
Table of contents
| Pampa Energía ● Q1 22 Earning release ● 2 |
| 1.1 | Power generation segment |
Pricing update for legacy energy (‘spot’ or without PPA)
Through SE Res. No. 238/22 of April 21, 2022, a 30% increase, retroactive as of February 2022, and a 10% increase as of June 2022, were established for the legacy energy.
Moreover, the load factor mechanism set by SE Res. No. 440/21 was permanently eliminated (thus, CAMMESA should pay 100% of the power capacity remuneration), and the additional and transitionary remuneration set by SE Res. No. 1037/21 was rendered ineffective as from February 2022.
Maturity of PPA at CTEB
After fulfilling the 10-year PPA under SE Res. No. 220/07, CTEB’s installed capacity of 567 MW started to bill under spot energy scheme as from April 27, 2022, 12 am.
Transfer of assets in Venezuela
On May 6, 2022, Pampa transferred all the rights and obligations to Integra Petróleo y Gas S.A. (the ‘Assignee’) for its direct and indirect stake in certain mixed companies in Venezuela. Through these companies, Pampa holds stake in the following hydrocarbon blocks: Oritupano Leona (22%), La Concepción (36%), Acema and Mata (34.49% each).
In return, the Assignee will pay Pampa 50% of any compensation, either monetary or in kind, related to these mixed companies and blocks. This transaction is subject to the approval of the change of control by the Minister of Popular Power for Petroleum of the Bolivarian Republic of Venezuela.
TGS: Vaca Muerta midstream service expansion
On March 22, 2022, TGS and the Province of Neuquén executed a supplementary memorandum of understanding, extending the concession granted to TGS under the investment plan for the development of Vaca Muerta. The construction and operation of the new gas pipeline under this concession will have a 32.1 kilometers extension, from Los Toldos block to El Trapial, and will allow for the transportation of up to 17 million m3/day of natural gas. The commissioning is expected for June 2023 and the investment reaches approximately US$48 million.
| Pampa Energía ● Q1 22 Earning release ● 3 |
Therefore, TGS continues consolidating its commitment to the country’s energy supply, providing efficient solutions to natural gas producers through a large scale infrastructure.
Currently, the gathering gas pipeline of TGS in the Vaca Muerta formation has a 147 kilometers extension, with a transportation capacity of 60 million m3/day, and a plant in Tratayén with a current conditioning capacity of 7.8 million m3/day. This plant has an ongoing expansion project to add 7 million m3/day in 2022 and 6.6 million m3/day in mid-2023, with a total investment that will exceed US$110 million.
Transener: tariff situation
On May 9, 2022, ENRE Res. No. 147/22 and 148/22 were issued, partially upholding the motions for reconsideration filed by Transener and Transba. Therefore, Transener and Transba’s August 2019 tariff schemes were adjusted by 67% and 69%, respectively, retroactive to February 1, 2022 (replacing the 25% and 23% of ENRE Res. No. 68/22 and 69/22).
Appointment of Board members[4]
Pampa’s Shareholders’ Meeting held on April 27, 2022, approved the renewal of Carlos Correa Urquiza, Juan Santiago Fraschina and Darío Epstein (independents); and the appointment of Carolina Zang (independent), replacing Gabriel Cohen (non-independent).
Consequently, 50% of the Board is comprised of independent Directors and three out of the ten positions are female directors.
[4] For further information, see Board of Directors.
| Pampa Energía ● Q1 22 Earning release ● 4 |
| 2.1 | Consolidated balance sheet |
| Figures in million | | As of 3.31.2022 | | As of 12.31.2021 |
| | AR$ | US$ FX 111.01 | | AR$ | US$ FX 102.72 |
| ASSETS | | | | | | |
| Property, plant and equipment | | 186,940 | 1,684 | | 170,390 | 1,659 |
| Intangible assets | | 4,262 | 38 | | 3,956 | 39 |
| Right-of-use assets | | 1,107 | 10 | | 1,231 | 12 |
| Deferred tax asset | | 15,477 | 139 | | 8,675 | 84 |
| Investments in joint ventures and associates | | 92,220 | 831 | | 79,500 | 774 |
| Financial assets at amortized cost | | 11,700 | 105 | | 10,821 | 105 |
| Financial assets at fair value through profit and loss | | 3,239 | 29 | | 2,998 | 29 |
| Other assets | | 64 | 1 | | 61 | 1 |
| Trade and other receivables | | 3,203 | 29 | | 3,379 | 33 |
| Total non-current assets | | 318,212 | 2,867 | | 281,011 | 2,736 |
| Inventories | | 19,973 | 180 | | 15,888 | 155 |
| Financial assets at amortized cost | | 580 | 5 | | 537 | 5 |
| Financial assets at fair value through profit and loss | | 52,192 | 470 | | 47,026 | 458 |
| Derivative financial instruments | | 126 | 1 | | 16 | 0 |
| Trade and other receivables | | 45,082 | 406 | | 40,892 | 398 |
| Cash and cash equivalents | | 14,624 | 132 | | 11,283 | 110 |
| Total current assets | | 132,577 | 1,194 | | 115,642 | 1,126 |
| Total assets | | 450,789 | 4,061 | | 396,653 | 3,861 |
| | | | | | | |
| EQUITY | | | | | | |
| Equity attributable to owners of the company | | 213,213 | 1,921 | | 183,431 | 1,786 |
| Non-controlling interest | | 811 | 7 | | 609 | 6 |
| Total equity | | 214,024 | 1,928 | | 184,040 | 1,792 |
| | | | | | | |
| LIABILITIES | | | | | | |
| Investments in joint ventures | | 385 | 3 | | 386 | 4 |
| Provisions | | 15,622 | 141 | | 14,444 | 141 |
| Income tax and presumed minimum income tax liabilities | | 19,685 | 177 | | 19,287 | 188 |
| Defined benefit plans | | 2,822 | 25 | | 2,419 | 24 |
| Borrowings | | 153,448 | 1,382 | | 139,630 | 1,359 |
| Other payables | | 2,177 | 20 | | 1,340 | 13 |
| Total non-current liabilities | | 194,139 | 1,749 | | 177,506 | 1,728 |
| Provisions | | 599 | 5 | | 560 | 5 |
| Income tax liabilities | | 7,589 | 68 | | 2,098 | 20 |
| Taxes payables | | 2,831 | 26 | | 2,314 | 23 |
| Defined benefit plans | | 472 | 4 | | 515 | 5 |
| Salaries and social security payable | | 1,983 | 18 | | 2,876 | 28 |
| Derivative financial instruments | | - | - | | 18 | 0 |
| Borrowings | | 7,746 | 70 | | 8,165 | 79 |
| Trade and other payables | | 21,406 | 193 | | 18,561 | 181 |
| Total current liabilities | | 42,626 | 384 | | 35,107 | 342 |
| Total liabilities | | 236,765 | 2,133 | | 212,613 | 2,070 |
| | | | | | | |
| Total liabilities and equity | | 450,789 | 4,061 | | 396,653 | 3,861 |
| Pampa Energía ● Q1 22 Earning release ● 5 |
| 2.2 | Consolidated income statement |
| | | First quarter |
| Figures in million | | 2022 | | 2021 |
| | | AR$ | US$ | | AR$ | US$ |
| Sales revenue | | 44,011 | 412 | | 28,635 | 321 |
| Cost of sales | | (26,387) | (248) | | (16,353) | (185) |
| | | | | | | |
| Gross profit | | 17,624 | 164 | | 12,282 | 136 |
| | | | | | | |
| Selling expenses | | (1,920) | (19) | | (542) | (7) |
| Administrative expenses | | (3,529) | (32) | | (2,016) | (23) |
| Exploration expenses | | (8) | - | | (7) | - |
| Other operating income | | 1,300 | 11 | | 976 | 11 |
| Other operating expenses | | (1,668) | (15) | | (3,050) | (33) |
| Impairment of financial assets | | (127) | (1) | | (103) | (1) |
| Impairment of PPE, intangible assets and inventories | | (9) | - | | - | - |
| Results for part. in joint businesses and associates | | 2,682 | 25 | | 2,226 | 26 |
| | | | | | | |
| Operating income | | 14,345 | 133 | | 9,766 | 109 |
| | | | | | | |
| Financial income | | 246 | 3 | | 165 | 2 |
| Financial costs | | (4,195) | (39) | | (3,986) | (45) |
| Other financial results | | (289) | (2) | | (2,061) | (24) |
| Financial results, net | | (4,238) | (38) | | (5,882) | (67) |
| | | | | | | |
| Profit before tax | | 10,107 | 95 | | 3,884 | 42 |
| | | | | | | |
| Income tax | | 347 | 5 | | (715) | (8) |
| | | | | | | |
| Net income for continuing operations | | 10,454 | 100 | | 3,169 | 34 |
| | | | | | | |
| Net income (loss) from discontinued operations | | - | - | | 525 | 5 |
| | | | | | | |
| Net income (loss) for the period | | 10,454 | 100 | | 3,694 | 39 |
| Attributable to the owners of the Company | | 10,304 | 99 | | 3,152 | 33 |
| Continuing operations | | 10,304 | 99 | | 3,150 | 34 |
| Discontinued operations | | - | - | | 2 | (1) |
| Attributable to the non-controlling interests | | 150 | 1 | | 542 | 6 |
| | | | | | | |
| Net income (loss) per share attributable to shareholders | | 7.45 | 0.07 | | 2.21 | 0.02 |
| From continuing operations | | 7.45 | 0.07 | | 2.21 | 0.02 |
| From discontinued operations | | - | - | | 0.001 | (0.001) |
| | | | | | | |
| Net income (loss) per ADR attributable to shareholders | | 186.18 | 1.79 | | 55.29 | 0.58 |
| From continuing operations | | 186.18 | 1.79 | | 55.25 | 0.60 |
| From discontinued operations | | - | - | | 0.04 | (0.02) |
| | | | | | | |
| Average outstanding common shares | | 1,383.6 | | | 1,425.3 | |
| Outstanding common shares by the end of period | | 1,383.6 | | | 1,410.5 | |
| Pampa Energía ● Q1 22 Earning release ● 6 |
| 2.3 | Cash and financial borrowings |
As of March 31, 2022,
in US$ million | | Cash1 | | Financial debt | | Net debt |
| | Consolidated
in FS | Ownership adjusted | | Consolidated
in FS | Ownership adjusted | | Consolidated
in FS | Ownership adjusted |
| Power generation | | 256 | 252 | | 404 | 404 | | 148 | 153 |
| Petrochemicals | | - | - | | - | - | | - | - |
| Holding and others | | 106 | 106 | | - | - | | (106) | (106) |
| Oil and gas | | 245 | 245 | | 1,048 | 1,048 | | 802 | 802 |
| Total under IFRS/Restricted Group | | 607 | 603 | | 1,452 | 1,452 | | 845 | 849 |
| Affiliates at O/S2 | | 128 | 128 | | 331 | 331 | | 203 | 203 |
| Total with affiliates | | 735 | 731 | | 1,783 | 1,783 | | 1,048 | 1,052 |
Note: Financial debt includes accrued interests. 1 It includes cash and cash equivalents, financial assets at fair value with changing results and investments at amortized cost. 2 Under IFRS, the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener, and TGS are not consolidated in Pampa.
Debt transactions
Pampa’s financial debt at the consolidated level under IFRS slightly increased to US$1,452 million as of March 31, 2022 (+US$13 million vs. closing of 2021). However, in terms of net debt, decreased by US$21 million to US$845 million. The average interest rate for US$-bearing indebtedness was 7.8%, currency in which 97.1% of the Company’s gross debt is denominated, mainly at a fixed rate. AR$ indebtedness’s average interest rate was 40.8%. Pampa’s consolidated financial debt averaged 4.1 years.
The following chart shows principal maturity profile, net of repurchases, in US$ million by the end of Q1 22:
Note: It only considers Pampa consolidated under IFRS; it does not include affiliates TGS, OldelVal, Transener, Greenwind, CTBSA and Refinor.
In Q1 22, Pampa issued its first Green Bond (Series VIII CB) for a AR$3,107 million FV, at a variable interest rate of Badlar plus 2%, maturing in July 2023, and took net borrowings for AR$148 million. After the closing of the quarter, Pampa paid at maturity bank loans for AR$1,304 million.
Regarding our affiliates, in Q1 22, Transener paid at maturity bank loans for AR$83 million, and CTBSA paid at maturity US$33.2 million of the syndicated loan. Moreover, CTBSA amended the syndicated loan contract, modifying the amortization schedule for the loan with variable interest rate, being October 1, 2022 the new maturity date, besides replacing the reference interest rate from LIBOR to SOFR. After the closing of the quarter, CTBSA paid at maturity US$4 million of the syndicated loan and Transener paid at maturity borrowings for AR$28 million.
As of this Earnings Release issuance, the Company complies with the covenants established in its debt agreements.
| Pampa Energía ● Q1 22 Earning release ● 7 |
Summary of debt securities
Company
In million | Security | Maturity | Amount issued | Amount outstanding | Coupon |
| In US$ | | | | | |
| TGS1 | CB at discount at fixed rate | 2025 | 500 | 470 | 6.75% |
| Pampa | CB Series T at discount & fixed rate | 2023 | 500 | 390 | 7.375% |
| CB Series I at discount & fixed rate | 2027 | 750 | 636 | 7.5% |
| CB Series III at discount & fixed rate | 2029 | 300 | 293 | 9.125% |
| | | | | | |
| In US$-link | | | | | |
| CTEB1 | CB Series I | 2023 | 43 | 43 | 4% |
| CB Series IV | 2024 | 96 | 96 | 0% |
| | | | | | |
| In AR$ | | | | | |
| Pampa | CB Series VIII (Green Bond) | 2023 | 3,107 | 3,107 | Badlar Privada +2% |
| | | | | | |
| In UVA | | | | | |
| CTEB1 | CB Series II | 2024 | 65 | 65 | 4% |
Note: 1 According to IFRS, affiliates are not consolidated in Pampa’s FS.
Credit rating
The following table shows the Group’s ratings:
| Company | Agency | Rating |
| Global | Local |
| Pampa | S&P | B-1 | na |
| Moody's | Caa3 | na |
| FitchRatings2 | B- | AA (long-term)
A1+ (short-term) |
| TGS | S&P | CCC+ | na |
| Moody's | Caa3 | na |
| Transener | FitchRatings2 | na | A+ (long-term) |
| CTEB | FitchRatings2 | na | A+ |
Note: 1 Stand-alone rating. 2 Local ratings issued by FIX SCR.
| Pampa Energía ● Q1 22 Earning release ● 8 |
| 2.4 | Buyback of own financial securities[5] |
Pampa
The XI share buyback program terminated on April 2, 2022. Moreover, on May 11, 2022, Pampa’s Board of Directors approved the XII share buyback program.
| | XI repurchase program | XII repurchase program |
| Maximum amount to buyback | US$30 million | US$30 million |
| Maximum price | AR$167/common share or US$19/ADR | AR$194/common share or US$22/ADR |
| Period in force | 120 days as from December 3, 2021 | 120 days as from May 13, 2022 |
| Status | Terminated | In process |
In Q1 22, the Company indirectly acquired 95 thousand ADR at an average price of US$18.4/ADR.
On the other hand, Pampa’s Shareholder’s Meeting held on April 27, 2022, approved the capital stock reduction by cancelling 2.8 million shares (or 0.1 million ADR), held in treasury by Pampa and its subsidiaries, in process of cancellation.
Moreover, in May 2022 shares were granted to employees benefited by the Company’s stock compensation plan for key staff. The Company’s Board approved said program on February 10, 2017. The Company currently holds 3.2 million treasury common shares allocated to fund this plan.
Therefore, as of May 11, 2022, Pampa’s outstanding capital stock amounts to 1,383.6 million common shares (equivalent to 55.3 million ADR)[6].
TGS
As of May 11, 2022, TGS’s outstanding capital stock amounts to 752.8 million common shares (equivalent to 150.6 million ADR).
On the other hand, in Q1 22, Pampa indirectly acquired 137 thousand ADR of TGS at an average cost of US$4.3/ADR. As of May 11, 2022, the Company’s direct and indirect ownership of TGS amounts to 29.3% of its issued capital stock.
Regarding debt securities, in Q1 22 TGS repurchased US$7.3 million FV of its 2025 CB. As of May 11, 2022, the outstanding 2025 CB amounted to US$470.3 million FV.
[5] Deemed to be effected transactions.
[6] For further information, see Ownership Breakdown.
| Pampa Energía ● Q1 22 Earning release ● 9 |
| 3. | Analysis of the Q1 22 results |
Breakdown by segment
Figures in US$ million | Q1 22 | Q1 21 | Variation |
| Sales | Adjusted EBITDA | Net Income | Sales | Adjusted EBITDA | Net Income | Sales | Adjusted EBITDA | Net Income |
| | | | | | | | | | |
| Power generation | 166 | 121 | 97 | 161 | 115 | 47 | +3% | +5% | +106% |
| Oil and Gas | 137 | 56 | (4) | 79 | 33 | (35) | +73% | +70% | -89% |
| Petrochemicals | 126 | 6 | 5 | 103 | 18 | 11 | +22% | -67% | -55% |
| Holding and Others | 7 | 42 | 1 | 6 | 37 | 11 | +17% | +13% | -91% |
| Eliminations | (24) | - | - | (28) | - | - | -14% | NA | NA |
| | | | | | | | | | |
| Total continuing operations | 412 | 226 | 99 | 321 | 204 | 34 | +28% | +11% | +191% |
Note: Net income attributable to the Company’s shareholders.
| 3.1 | Reconciliation of consolidated adjusted EBITDA |
Reconciliation of consolidated adjusted EBITDA,
in US$ million | | First quarter |
| | 2022 | 2021 |
| Consolidated operating income | | 133 | 109 |
| Consolidated depreciations and amortizations | | 50 | 43 |
| EBITDA | | 183 | 152 |
| | | | |
| Adjustments from generation segment | | 2 | 2 |
| Deletion of equity income | | (22) | (11) |
| Deletion of gain from commercial interests | | (4) | (6) |
| Deletion of PPE activation in operating expenses | | 4 | - |
| Greenwind's EBITDA adjusted by ownership | | 3 | 3 |
| CTBSA's EBITDA adjusted by ownership | | 21 | 17 |
| Adjustments from oil and gas segment | | 0 | 13 |
| Deletion of gain from commercial interests | | (0) | (1) |
| Deletion of provision for environmental remediation | | - | 14 |
| OldelVal's EBITDA adjusted by ownership | | 0 | 0 |
| Adjustments from petrochemicals segment | | (0) | - |
| Deletion of gain from commercial interests | | (0) | - |
| Adjustments from holding and others segment | | 40 | 36 |
| Deletion of equity income | | (3) | (15) |
| Deletion of gain from commercial interests | | (0) | 0 |
| Deletion of contigencies provision | | - | 13 |
| TGS's EBITDA adjusted by ownership | | 40 | 32 |
| Transener's EBITDA adjusted by ownership | | 2 | 4 |
| Refinor's EBITDA adjusted by ownership | | 1 | 2 |
| | | | |
| Consolidated adjusted EBITDA, continuing op. | | 226 | 204 |
| At our ownership | | 225 | 203 |
| Pampa Energía ● Q1 22 Earning release ● 10 |
| 3.2 | Analysis of the power generation segment |
Power generation segment, consolidated
Figures in US$ million | | First quarter |
| | 2022 | 2021 | ∆% |
| Sales revenue | | 166 | 161 | +3% |
| Cost of sales | | (84) | (79) | +6% |
| | | | | |
| Gross profit | | 82 | 82 | - |
| | | | | |
| Selling expenses | | (1) | - | NA |
| Administrative expenses | | (9) | (7) | +29% |
| Other operating income | | 4 | 6 | -33% |
| Other operating expenses | | (1) | (1) | - |
| Results for participation in joint businesses | | 22 | 11 | +100% |
| | | | | |
| Operating income | | 97 | 91 | +7% |
| | | | | |
| Finance income | | 1 | 1 | - |
| Finance costs | | (13) | (12) | +8% |
| Other financial results | | 9 | (17) | NA |
| Financial results, net | | (3) | (28) | -89% |
| | | | | |
| Profit (loss) before tax | | 94 | 63 | +49% |
| | | | | |
| Income tax | | 4 | (16) | NA |
| | | | | |
| Net income (loss) for the period | | 98 | 47 | +109% |
| Attributable to owners of the Company | | 97 | 47 | +106% |
| Attributable to non-controlling interests | | 1 | - | NA |
| | | | | |
| Adjusted EBITDA | | 121 | 115 | +5% |
| Adjusted EBITDA at our share ownership | | 120 | 114 | +5% |
| | | | | |
| Increases in PPE, intangible and right-of-use assets | | 10 | 1 | NA |
| Depreciation and amortization | | 22 | 22 | - |
In Q1 22, the US$5 million year-on-year increase in sales is mainly explained by the increases in the legacy energy remuneration[7], partially offset by the AR$ nominal depreciation. Therefore, the power capacity remuneration was US$4.5 thousand/MW-month for our thermal legacy units (+53% vs. Q1 21) and US$2.2 thousand/MW-month for our hydros (+28% vs. Q1 21). Even though spot energy comprises 63% of the 4,970 MW operated by Pampa[8], it represented 33% of the segment’s sales in Q1 22. Besides, higher volumes and prices sold under Energía Plus were recorded due to the rise in industrial demand.
These effects were partially offset by the maturity of the PPA at CTLL’s ST and at CTP, remunerated as spot energy since November 1 and July 15, 2021, respectively. Moreover, revenues from fuel decreased due to the lower dispatch at PPA under SEE Res. No. 287/17. It is worth mentioning that this revenue only applies for PPA under Energía Plus and SEE Res. No. 287/17, and also affects the cost of sales due to gas purchases to our E&P. The fuel for our remaining thermal units is provided by CAMMESA, not accruing revenues nor costs.
In operating terms, the power generation operated by Pampa increased by 10% vs. Q1 21, above the growth of nationwide generation (+1%) and national demand (+4%). There was higher dispatch at CPB, CTLL’s open-cycle GT, CTG and CTPP (+464 GWh), higher generation requirement in the area of CTEB and CTP, in addition to maintenance and outage at CTEB in Q1 21 (+152 GWh), higher natural resource both at HPPL (+46 GWh) and the wind farms (+24 GWh). These effects were partially offset by a lower dispatch at CTGEBA’s CCGT due to maintenances in Q1 22 (-170 GWh), as well as lower water input at HINISA and HIDISA (-57 GWh).
[7] (i) 29% accrued in May-21, retroactive to Feb-21; (ii) additional remuneration between Sep-21 and Jan-22; and (iii) 30% and permanent elimination of usage factor in Apr-22, retroactive to Feb-22 (accrued as provision since Feb-22). For further information, see section 1.1 of this Earnings Release.
[8] Under IFRS, CTEB (567 MW) and PEMC (100 MW) are affiliates; their results are not consolidated in the FS, but they are operated by Pampa and their EBITDA at our equity stake are included in Pampa’s adjusted EBITDA.
| Pampa Energía ● Q1 22 Earning release ● 11 |
In Q1 22, all power units operated by Pampa reached an average availability rate of 97.9%, 293 basis points higher than the 94.9% in Q1 21, mainly due to the forced outage at CTEB in Q1 21. Especially, thermal units recorded an availability of 97.2% in Q1 22, 374 basis points higher than the 93.5% recorded in Q1 21.
| Power generation's key performance indicators | | 2022 | | 2021 | | Variation |
| Hydro | Wind | Thermal | Total | Hydro | Wind | Thermal | Total | Hydro | Wind | Thermal | Total |
| Installed capacity as of March (MW) | | 938 | 206 | 3,826 | 4,970 | | 938 | 206 | 3,811 | 4,955 | | - | - | +0% | +0% |
| New capacity (%) | | - | 100% | 43% | 37% | | - | 100% | 48% | 41% | | - | - | -6% | -4% |
| Market share (%) | | 2% | 0% | 9% | 12% | | 2% | 0% | 9% | 12% | | -0% | -0% | -0% | -0% |
| | | | | | | | | | | | | | | | |
| First quarter | | | | | | | | | | | | | | | |
| Net generation (GWh) | | 372 | 227 | 4,293 | 4,892 | | 384 | 203 | 3,856 | 4,443 | | -3% | +12% | +11% | +10% |
| Volume sold (GWh) | | 372 | 235 | 4,603 | 5,210 | | 381 | 214 | 4,070 | 4,665 | | -2% | +10% | +13% | +12% |
| | | | | | | | | | | | | | | | |
| Average price (US$/MWh) | | 24 | 69 | 42 | 42 | | 17 | 71 | 45 | 44 | | +39% | -2% | -6% | -4% |
| Average gross margin (US$/MWh) | | 11 | 57 | 29 | 29 | | 7 | 58 | 31 | 30 | | +49% | -1% | -6% | -4% |
Note: Gross margin before amortization and depreciation. It includes CTEB and PEMC, operated by Pampa (50% of equity stake).
Q1 22 net operating costs, excluding depreciation and amortizations, increased by 17% vs. Q1 21, mainly explained by higher AR$-nominated expenses above the devaluation, in addition to higher energy purchases to cover the rise in Plus demand, and lower commercial interests due to better collection days from CAMMESA. Moreover, in Q1 22 PPE activations were charged in operating expenses for certain legacy energy units. These effects were partially offset by lower consumption of own gas (2.2 million m3/day vs. 2.6 million m3/day in Q1 21) due to lower dispatch at CTGEBA’s PPA under SEE Res. 287/17.
The Q1 22 financial results amounted to a net loss of US$3 million, a US$25 million improvement vs. Q1 21, mainly due to the profits from the holding of financial securities recorded in Q1 22 (whereas in Q1 21 losses were recorded), in addition to lower losses from FX net difference.
In Q1 22, our power generation’s adjusted EBITDA amounted to US$121 million, 5% higher vs. Q1 21, mainly explained by the increase in legacy remuneration and higher sales of Energía Plus, partially offset by the PPA maturity at CTLL’s ST and at CTP, in addition to higher AR$-nominated expenses in US$. The adjusted EBITDA considers our proportional 50% stake in CTEB (CTBSA), contributing US$21 million in Q1 22 (vs. US$17 million in Q1 21, affected by outages), and a 50% stake in PEMC (Greenwind), contributing US$3 million in Q1 22 (the same as Q1 21). Moreover, the adjusted EBITDA excludes the recognition of commercial interests from delayed receivables, mostly from CAMMESA (US$4 million in Q1 22 and US$6 million in Q1 21), in addition to the PPE activation in operating expenses in Q1 22 (US$4 million).
Finally, capital expenditures in Q1 22, excluding CTEB and PEMC, increased by US$9 million vs. Q1 21, mainly explained by PEPE III’s expansion project.
| Project | MW | Marketing | Currency | Awarded price | | Estimated capex in
US$ million1 | Date of
commissioning |
Capacity per
MW-month | Variable
per MWh | Total
per MWh | | Budget | % Executed
@3/31/22 |
| Thermal | | | | | | | | | | |
| Loma de la Lata | 15 | SE Res. No. 238/22 | AR$ | 452,790 - 716,918(2) | 543 | 1,344 | | 22 | 91% | August 3, 2021 |
| Closing to CCGT Ensenada | 280 | PPA for 10 years | US$ | 23,962 | 10.5 | 43 | | 233 | 76% | Q4 2022 (est.) |
| | | | | | | | | | | |
| Renewable | | | | | | | | | | |
| Pampa Energía III | 81 | MAT ER | US$ | na | na | 58(3) | | 128 | 2% | Q2 2023 (est.) |
Note: 1 Amount without value-added tax. 2 It considers the range of load factor coefficient and the HMRT additional remuneration.
3 Estimated average.
| Pampa Energía ● Q1 22 Earning release ● 12 |
| 3.3 | Analysis of the oil and gas segment |
Oil & gas segment, consolidated
Figures in US$ million | | First quarter |
| | 2022 | 2021 | ∆% |
| Sales revenue | | 137 | 79 | +73% |
| Cost of sales | | (72) | (52) | +38% |
| | | | | |
| Gross profit | | 65 | 27 | +141% |
| | | | | |
| Selling expenses | | (14) | (4) | +250% |
| Administrative expenses | | (14) | (10) | +40% |
| Other operating income | | 4 | 4 | - |
| Other operating expenses | | (12) | (16) | -25% |
| Impairment of financial assets | | - | (1) | -100% |
| | | | | |
| Operating income (loss) | | 29 | - | NA |
| | | | | |
| Finance income | | 1 | 1 | - |
| Finance costs | | (24) | (32) | -25% |
| Other financial results | | (12) | (21) | -43% |
| Financial results, net | | (35) | (52) | -33% |
| | | | | |
| Profit (loss) before tax | | (6) | (52) | -88% |
| | | | | |
| Income tax | | 2 | 17 | -88% |
| | | | | |
| Net income (loss) for the period | | (4) | (35) | -89% |
| | | | | |
| Adjusted EBITDA | | 56 | 33 | +70% |
| | | | | |
| Increases in PPE and intangible assets | | 63 | 29 | +117% |
| Depreciation and amortization | | 27 | 20 | +35% |
In Q1 22, our oil and gas sales increased by 73% vs. Q1 21, mainly explained by the substantial growth in gas exports (both in volume and price), higher gas demand from industrial segment and oil exports with prices driven by the current context, partially offset by lower gas sales to CAMMESA.
In operating terms, in Q1 22, our oil and gas segment total production registered 57,5 kboe/day (+32% vs. Q1 21 and similar to Q4 21). Gas production reached 8.9 million m3/day (+33% vs. Q1 21 and similar to Q4 21), mainly explained by export permits on a firm basis to Chile. In particular, a significant growth was recorded at El Mangrullo, which reached a 6.1 million m3/day production in Q1 22 (+32% vs. Q1 21 and similar to Q4 21), comprising 69% of our total gas production. A significant production increase was also recorded at Río Neuquén (1.5 million m3/day in Q1 22, +82% vs. Q1 21 and similar to Q4 21), and in Sierra Chata (0.7 million m3/day in Q1 22, +58% vs. Q1 21 and +28% vs. Q4 21). These effects were partially offset by reduced output at Rincón del Mangrullo, due to lower activity and natural decline (0.4 million m3/day in Q1 22, -35% year-on-year and similar to Q4 21).
Our gas average price was US$3.5/MBTU in Q1 22 (+27% vs. Q1 21), mainly explained by higher export prices to Chile and the gradual convergence of the industrial/spot prices to Plan Gas.Ar.
Our gas deliveries were destined 30% to the industrial/spot market, 30% exported, 28% was consumed as raw material by our thermal power plants[9] and our petrochemical plants, and 12% was destined to the residential segment. The marginal balance was sold to CAMMESA. On the other hand, in Q1 21, 44% of the deliveries went to our thermal power plants and petrochemicals, 25% to CAMMESA, 16% to the residential segment and 12% to the industrial/spot market. The marginal balance was exported.
Oil production reached 5.1 kbbl/day in Q1 22 (+21% vs. Q1 21 and similar to Q4 21), mainly driven by exports and the rise in domestic demand. Production increased at El Tordillo, Los Blancos, Río Neuquén and Gobernador Ayala (4.8 kbbl/day in Q1 22, +26% vs. Q1 21). Moreover, 76% of volume sold during Q1 22 was destined to the domestic market (vs. 100% in Q1 21). Our oil average price in Q1 22 increased by 25% vs. Q1 21, to US$69.0/bbl, explained by the rise of Brent but moderated by local prices.
[9] Energía Plus and SEE Res. No. 287/17.
| Pampa Energía ● Q1 22 Earning release ● 13 |
By the end of Q1 22, we accounted for 888 productive wells vs. 884 as of December 31, 2021.
Oil and gas'
key performance indicators | | 2022 | | 2021 | | Variation |
| Oil | Gas | Total | Oil | Gas | Total | Oil | Gas | Total |
| First quarter | | | | | | | | | | | | |
| Volume | | | | | | | | | | | | |
| Production | | | | | | | | | | | | |
| In thousand m3/day | | 0.8 | 8,913 | | | 0.7 | 6,721 | | | +21% | +33% | +32% |
| In million cubic feet/day | | | 315 | | | | 237 | | |
| In thousand boe/day | | 5.1 | 52.5 | 57.5 | | 4.2 | 39.6 | 43.8 | |
| Sales | | | | | | | | | | | | |
| In thousand m3/day | | 0.8 | 8,979 | | | 0.5 | 6,825 | | | +62% | +32% | +34% |
| In million cubic feet/day | | | 317 | | | | 241 | | |
| In thousand boe/day | | 5.2 | 52.8 | 58.1 | | 3.2 | 40.2 | 43.4 | |
| | | | | | | | | | | | | |
| Average Price | | | | | | | | | | | | |
| In US$/bbl | | 69.0 | | | | 55.4 | | | | +25% | +27% | |
| In US$/MBTU | | | 3.5 | | | | 2.8 | | | |
Note: Net production in Argentina. Gas volume standardized at 9,300 kilocalories (kCal).
Net operating costs in Q1 22, excluding depreciation and amortizations as well as Plan Gas.Ar compensation, increased by 40% vs. Q1 21, mainly explained by increased gas transportation expenses due to higher exports, more royalties and levies from higher volume and prices sold, increased costs related to higher activity (maintenance and contractors), besides higher labor expenses since wage increases outpaced devaluation. Moreover, in Q1 21 a provision of wells’ plugging was recorded. Compared to Q4 21, net operating costs rose 8%, mainly due to higher transportation costs from gas exports, and to a lesser extent, higher royalties and levies, partially offset by lower maintenance expenses. In particular, the lifting cost[10] reached US$5.8/boe produced in Q1 22 (similar to Q1 21 and -25% vs. Q4 21).
In Q1 22, financial results reached a net loss of US$35 million, a US$17 million improvement vs. Q1 21, mainly due to lower financial interests due to lower stock of debt, as well as lower losses from the holding of financial securities.
Our oil and gas’ adjusted EBITDA amounted to US$56 million in Q1 22 vs. US$33 million in Q1 21, mainly due to better prices and volumes as a result of substantial increase in hydrocarbon exports, besides higher gas demand from industrial segment at prices converged to Plan Gas.Ar. These effects were partially offset by higher expenses related to the growing gas activity and transportation. The adjusted EBITDA excludes recognition of commercial interests due to collection delays, mostly charged to CAMMESA (US$0.1 million in Q1 22 and US$1 million in Q1 21) and the wells’ plugging provision in Q1 21 (US$14 million).
Finally, the segment’s capital expenditures amounted to US$63 million in Q1 22, whereas US$29 million was recorded in Q1 21, mainly explained by higher commitments under Plan Gas.Ar.
[10] Metric equivalent to cost of sales excluding purchase and inventory, royalties, direct taxes and depreciations and amortizations.
| Pampa Energía ● Q1 22 Earning release ● 14 |
| 3.4 | Analysis of the petrochemicals segment |
Petrochemicals segment, consolidated
Figures in US$ million | | First quarter |
| | 2022 | 2021 | ∆% |
| Sales revenue | | 126 | 103 | +22% |
| Cost of sales | | (116) | (82) | +41% |
| | | | | |
| Gross profit | | 10 | 21 | -52% |
| | | | | |
| Selling expenses | | (4) | (3) | +33% |
| Administrative expenses | | (1) | (1) | - |
| | | | | |
| Operating income (loss) | | 5 | 17 | -71% |
| | | | | |
| Finance costs | | (1) | (1) | - |
| Other financial results | | 1 | (1) | NA |
| Financial results, net | | - | (2) | -100% |
| | | | | |
| Profit (loss) before tax | | 5 | 15 | -67% |
| | | | | |
| Income tax | | - | (4) | -100% |
| | | | | |
| Net income (loss) for the period | | 5 | 11 | -55% |
| | | | | |
| Adjusted EBITDA | | 6 | 18 | -67% |
| | | | | |
| Increases in PPE and intangible assets | | - | 1 | -100% |
| Depreciation and amortization | | 1 | 1 | - |
The adjusted EBITDA of the petrochemicals segment amounted to US$6 million in Q1 22, US$12 million lower than Q1 21, mainly due to higher costs of virgin naphtha and other raw materials (driven by international reference prices), and to a lesser extent, to an increase in US$ of AR$-nominated expenses, which outpaced the AR$ devaluation. These effects were partially offset by the substantial improvement of domestic and international prices. Quarter-on-quarter, adjusted EBITDA decreased by US$3 million, mainly explained by lower volume sold.
Total volume sold decreased by 7% vs. Q1 21, mainly explained by lower sales of reforming products, as during Q1 22 14 thousand ton of bases and gasoline were dispatched as toll processing, which are not recorded as volume sold. Moreover, there was lower foreign demand of SBR, in addition to lower styrene sales due to production reduction in January 2022.
Petrochemicals'
key performance indicators | | Products | | Total |
| | Styrene & polystyrene1 | SBR | Reforming | |
| First quarter | | | | | | |
| Volume sold Q1 22 (thousand ton) | | 27 | 11 | 53 | | 91 |
| Volume sold Q1 21 (thousand ton) | | 29 | 12 | 57 | | 98 |
| Variation Q1 22 vs. Q1 21 | | -5% | -12% | -8% | | -7% |
| | | | | | | |
| Average price Q1 22 (US$/ton) | | 1,910 | 2,047 | 974 | | 1,382 |
| Average price Q1 21 (US$/ton) | | 1,596 | 1,580 | 666 | | 1,052 |
| Variation Q1 22 vs. Q1 21 | | +20% | +30% | +46% | | +31% |
Note: 1 It includes Propylene.
In Q1 22, no financial results has been recorded, whereas in Q1 21 a US$2 million net loss was recorded, mainly due to losses from the holding of financial securities.
In Q1 22, no capital expenditures has been recorded, whereas in Q1 21 it was US$1 million.
| Pampa Energía ● Q1 22 Earning release ● 15 |
| 3.5 | Analysis of the holding and others segment |
Holding and others segment, consolidated
Figures in US$ million | | First quarter |
| | 2022 | 2021 | ∆% |
| Sales revenue | | 7 | 6 | +17% |
| | | | | |
| Gross profit | | 7 | 6 | +17% |
| | | | | |
| Administrative expenses | | (8) | (5) | +60% |
| Other operating income | | 3 | 1 | +200% |
| Other operating expenses | | (2) | (16) | -88% |
| Impairment of financial assets | | (1) | - | NA |
| Results for participation in joint businesses | | 3 | 15 | -80% |
| | | | | |
| Operating income (loss) | | 2 | 1 | +100% |
| | | | | |
| Finance income | | 3 | - | NA |
| Finance costs | | (3) | - | NA |
| Other financial results | | - | 15 | -100% |
| Financial results, net | | - | 15 | -100% |
| | | | | |
| Profit (loss) before tax | | 2 | 16 | -88% |
| | | | | |
| Income tax | | (1) | (5) | -80% |
| | | | | |
| Net income for the period | | 1 | 11 | -91% |
| | | | | |
| Adjusted EBITDA | | 42 | 37 | +13% |
| | | | | |
| Increases in PPE | | 1 | - | NA |
| Depreciation and amortization | | - | - | NA |
In the holding and others segment, without considering the equity income from affiliates (Transener, TGS and Refinor), we recorded a US$1 million operating loss, a US$13 million improvement vs. Q1 21, mainly explained by lower provision for contingencies.
No financial results has been recorded in Q1 22, whereas in Q1 21 a net gain of US$15 million was recorded, mainly due to lower profits from FX net difference over the AR$-nominated fiscal liabilities.
The adjusted EBITDA of our holding and others segment increased by 13%, recording US$42 million in Q1 22. The adjusted EBITDA excludes the equity income from our participation in TGS, Transener and Refinor. In turn, it adds the EBITDA adjusted by equity ownership in these businesses. Moreover, excludes provision for contingencies in Q1 21.
The EBITDA from our direct and indirect ownership of 29.3% and 28.7% in TGS were US$40 million in Q1 22 (US$137 million at 100%) vs. US$32 million in Q1 21 (US$113 million at 100%). The increase of total adjusted EBITDA was mainly due to higher international prices, higher propane export volume as well as ethane dispatched to the domestic market, and more midstream revenues from transportation and conditioning service in Vaca Muerta. These effects were partially offset by the higher US$ unit cost of natural gas, which is used to replace thermal reduction at Cerri Complex Plant (in Q1 21 gas supply contracts were managed before Plan Gas.Ar), and lower regulated revenues because the 60% tariff adjustment as from March 2022 was outpaced by the inflation rate and the AR$ devaluation. It is worth mentioning that the previous update was in April 2019. Besides, there was higher export duties charge.
In Transener, the EBITDA adjusted by our indirect stake ownership of 26.3% decreased to US$2 million (US$9 million at 100%) in Q1 22 vs. US$4 million (US$17 million at 100%) in Q1 21, mainly because the tariff adjustment as from February 2022[11] (25% Transener and 23% Transba) was outpaced by the inflation rate and the AR$ devaluation. It is worth mentioning that the previous update was in August 2019.
[11] On May 9, 2022, ENRE partially upheld the motions for reconsideration filed by Transener and Transba, replacing the 25% and 23% adjustment by 67% and 69%, respectively. For further information, see section 1.2 of this Earnings Release.
| Pampa Energía ● Q1 22 Earning release ● 16 |
In Refinor, the EBITDA adjusted by our stake ownership of 28.5% in Q1 22 decreased to US$1 million (US$3 million at 100%) vs. US$2 million (US$6 million at 100%) in Q1 21, mainly due to increased crude oil costs, which is the refinery’s main raw material, partially offset by the gradual recovery of demand and higher sales prices.
| 3.6 | Analysis of the quarter, by subsidiary and segment |
Subsidiary
In US$ million | Q1 22 | | Q1 21 |
| % Pampa | Adjusted EBITDA | Net debt2 | Net income3 | | % Pampa | Adjusted EBITDA | Net debt2 | Net income3 |
| |
| Power generation segment | | | | | | | | | |
| Diamante | 61.0% | 2 | (6) | 1 | | 61.0% | 1 | (2) | 1 |
| Los Nihuiles | 52.0% | 0 | (4) | 2 | | 52.0% | 1 | (9) | 0 |
| | | | | | | | | | |
| Greenwind | | 6 | 69 | 1 | | | 5 | 86 | 0 |
| Non-controlling stake adjustment | | (3) | (35) | (0) | | | (3) | (43) | (0) |
| Subtotal Greenwind adjusted by ownership | 50.0% | 3 | 35 | 0 | | 50.0% | 3 | 43 | 0 |
| | | | | | | | | | |
| CTBSA | | 43 | 188 | 43 | | | 33 | 203 | 21 |
| Non-controlling stake adjustment | | (21) | (94) | (22) | | | (17) | (101) | (11) |
| Subtotal CTBSA adjusted by ownership | 50.0% | 21 | 94 | 22 | | 50.0% | 17 | 101 | 11 |
| | | | | | | | | | |
| Pampa stand-alone, other companies, adjs. & deletions1 | | 95 | 158 | 72 | | | 94 | 271 | 36 |
| Subtotal power generation | | 121 | 277 | 97 | | | 115 | 406 | 47 |
| | | | | | | | | | |
| Oil & gas segment | | | | | | | | | |
| OldelVal | | 18 | (29) | 8 | | | 15 | (15) | 8 |
| Non-controlling stake adjustment | | (18) | 28 | (8) | | | (14) | 15 | (8) |
| Subtotal OldelVal adjusted by ownership | 2.1% | 0 | (1) | 0 | | 2.1% | 0 | (0) | 0 |
| | | | | | | | | | |
| Pampa stand-alone, other companies, adjs. & deletions1 | | 56 | 802 | (4) | | | 33 | 913 | (35) |
| Subtotal oil & gas | | 56 | 802 | (4) | | | 33 | 913 | (35) |
| | | | | | | | | | |
| Petrochemicals segment | | | | | | | | | |
| Pampa Energía | 100.0% | 6 | - | 5 | | 100.0% | 18 | - | 11 |
| Subtotal petrochemicals | | 6 | - | 5 | | | 18 | - | 11 |
| | | | | | | | | | |
| Holding & others segment | | | | | | | | | |
| Transener | | 9 | (14) | 1 | | | 17 | 1 | 5 |
| Non-controlling stake adjustment | | (7) | 10 | (1) | | | (13) | (1) | (4) |
| Subtotal Transener adjusted by ownership | 26.3% | 2 | (4) | 0 | | 26.3% | 4 | 0 | 1 |
| | | | | | | | | | |
| TGS | | 137 | 235 | 74 | | | 113 | 199 | 42 |
| Non-controlling stake adjustment | | (97) | (166) | (52) | | | (80) | (142) | (30) |
| Subtotal TGS adjusted by ownership | 29.3% | 40 | 69 | 22 | | 28.7% | 32 | 57 | 12 |
| | | | | | | | | | |
| Refinor | | 3 | 35 | (3) | | | 6 | 24 | 1 |
| Non-controlling stake adjustment | | (2) | (25) | 2 | | | (4) | (17) | (1) |
| Subtotal Refinor adjusted by ownership | 28.5% | 1 | 10 | (1) | | 28.5% | 2 | 7 | 0 |
| | | | | | | | | | |
| Pampa stand-alone, other companies, adjs. & deletions1 | | (1) | (106) | (20) | | | (1) | (21) | (3) |
| Subtotal holding & others | | 42 | (31) | 1 | | | 37 | 44 | 11 |
| | | | | | | | | | |
| Deletions | | - | (203) | - | | | - | (208) | - |
| Total consolidated, continuing operations | | 226 | 845 | 99 | | | 204 | 1,154 | 34 |
| At our share ownership | | 225 | 1,052 | 99 | | | 203 | 1,367 | 34 |
Note: 1 The deletions correspond to other companies or inter-companies or debt repurchases. 2 Net debt includes holding companies.
3 Attributable to the Company’s shareholders.
| Pampa Energía ● Q1 22 Earning release ● 17 |
| 4.1 | Power generation main operational KPIs |
Power generation's
key performance indicators | | Hydroelectric | | Wind | | Subtotal
hydro
+wind | Thermal | | Total |
| | HINISA | HIDISA | HPPL | | PEMC1 | PEPE2 | PEPE3 | | CTLL | CTG | CTP | CPB | CTPP | CTIW | CTGEBA2 | Eco-
Energía | CTEB1 | Subtotal | |
| Installed capacity (MW) | | 265 | 388 | 285 | | 100 | 53 | 53 | | 1,144 | 780 | 361 | 30 | 620 | 100 | 100 | 1,253 | 14 | 567 | 3,826 | | 4,970 |
| New capacity (MW) | | - | - | - | | 100 | 53 | 53 | | 206 | 184 | 100 | - | - | 100 | 100 | 565 | 14 | 567 | 1,631 | | 1,837 |
| Market share | | 0.6% | 0.9% | 0.7% | | 0.2% | 0.1% | 0.1% | | 2.7% | 1.8% | 0.8% | 0.1% | 1.4% | 0.2% | 0.2% | 2.9% | 0.03% | 1.3% | 8.9% | | 11.6% |
| | | | | | | | | | | | | | | | | | | | | | | |
| First quarter | | | | | | | | | | | | | | | | | | | | | | |
| Net generation Q1 22 (GWh) | | 117 | 81 | 174 | | 101 | 62 | 64 | | 599 | 1,266 | 166 | 20 | 295 | 81 | 68 | 2,118 | 18 | 260 | 4,293 | | 4,892 |
| Market share | | 0.3% | 0.2% | 0.5% | | 0.3% | 0.2% | 0.2% | | 1.7% | 3.6% | 0.5% | 0.1% | 0.8% | 0.2% | 0.2% | 6.0% | 0.1% | 0.7% | 12.1% | | 13.8% |
| Sales Q1 22 (GWh) | | 117 | 81 | 174 | | 101 | 70 | 64 | | 607 | 1,266 | 225 | 20 | 295 | 81 | 68 | 2,347 | 40 | 260 | 4,603 | | 5,210 |
| | | | | | | | | | | | | | | | | | | | | | | |
| Net generation Q1 21 (GWh) | | 156 | 99 | 128 | | 89 | 52 | 62 | | 587 | 1,144 | 124 | 17 | 18 | 65 | 70 | 2,288 | 19 | 111 | 3,856 | | 4,443 |
| Variation Q1 22 vs. Q1 21 | | -25% | -18% | +35% | | +14% | +19% | +3% | | +2% | +11% | +34% | +19% | na | +26% | -3% | -7% | -1% | #### | +11% | | +10% |
| Sales Q1 21 (GWh) | | 155 | 98 | 128 | | 89 | 63 | 62 | | 595 | 1,140 | 190 | 17 | 19 | 65 | 70 | 2,412 | 47 | 111 | 4,070 | | 4,665 |
| | | | | | | | | | | | | | | | | | | | | | | |
| Avg. price Q1 22 (US$/MWh) | | 23 | 40 | 18 | | 69 | 72 | 68 | | 42 | 21 | 42 | 32 | 34 | 116 | 108 | 35 | 38 | na | 42 | | 42 |
| Avg. price Q1 21 (US$/MWh) | | 14 | 25 | 16 | | 70 | 74 | 67 | | 37 | 33 | 33 | 101 | na | 141 | 105 | 32 | 30 | na | 45 | | 44 |
| Avg. gross margin Q1 22 (US$/MWh) | | 5 | 24 | 9 | | 59 | 54 | 58 | | 29 | 16 | 20 | 14 | 16 | 93 | 80 | 20 | 16 | na | 29 | | 29 |
| Avg. gross margin Q1 21 (US$/MWh) | | 5 | 12 | 7 | | 60 | 54 | 58 | | 25 | 29 | 10 | 66 | 2 | 117 | 86 | 17 | 11 | na | 31 | | 30 |
Note: Gross margin before amortization and depreciation. 1 Operated by Pampa (50% of equity stake).
| Pampa Energía ● Q1 22 Earning release ● 18 |
| 4.2 | Oil and gas production in the main areas |
| Main areas' production | | First quarter |
| 2022 | 2021 | Variation |
| Gas (k boe/day) | | | | |
| El Mangrullo | | 36.2 | 27.4 | +32% |
| Río Neuquén | | 8.6 | 4.7 | +82% |
| Sierra Chata | | 4.2 | 2.7 | +58% |
| Rincón del Mangrullo1 | | 2.3 | 3.5 | -35% |
| Others | | 1.1 | 1.2 | -5% |
| Total gas at O/S | | 52.5 | 39.6 | +33% |
| | | | | |
| Oil (k boe/day) | | | | |
| El Tordillo2 | | 2.7 | 2.3 | +16% |
| Gobernador Ayala | | 1.0 | 0.9 | +12% |
| Associated oil3 | | 0.9 | 0.8 | +18% |
| Others | | 0.4 | 0.2 | +149% |
| Total oil at O/S | | 5.1 | 4.2 | +21% |
| Total at O/S (kboe/day) | | 57.5 | 43.8 | +32% |
Note: Production in Argentina. 1 It doesn’t include shale formation. 2 It includes La Tapera - Puesto Quiroga field. 3 From gas fields.
| Term | Definition |
| Q1 22/Q1 21 | First quarter of 2022/First quarter of 2021 |
| Q4 21 | Fourth quarter of 2021 |
| ADRs/ADSs | American Depositary Receipts |
| AR$ | Argentine Pesos |
| Bbl | Barrel |
| Boe | Barrels of oil equivalent |
| CAMMESA | Compañía Administradora del Mercado Mayorista Eléctrico S.A. (Argentine Wholesale Electricity Market Clearing Company) |
| CB | Corporate Bonds |
| CCGT | Combined cycle gas turbine |
| CPB | Piedra Buena Thermal Power Plant |
| CTBSA | CT Barragán S.A. |
| CTEB | Ensenada Barragán Thermal Power Plant |
| CTG | Güemes Thermal Power Plant |
| CTGEBA | Genelba Thermal Power Plant |
| CTIW | Ingeniero White Thermal Power Plant |
| CTLL | Loma De La Lata Thermal Power Plant |
| CTP | Piquirenda Thermal Power Plant |
| CTPP | Parque Pilar Thermal Power Plant |
| DNU | Decreto de Necesidad y Urgencia (Necessity and Urgency Executive Order) |
| E&P | Exploration and Production |
| EBITDA | Earnings before interest, tax, depreciation and amortization |
| EcoEnergía | EcoEnergía Co-Generation Power Plant |
| Energía Plus | Energía Plus Program, SE Res. No. 1,281/06 |
| ENRE | Ente Nacional Regulador de la Electricidad (National Electricity Regulatory Entity) |
| FS | Financial Statements |
| FV | Face Value |
| Pampa Energía ● Q1 22 Earning release ● 19 |
| FX | Nominal exchange rate |
| Greenwind | Greenwind S.A. |
| GWh | Gigawatt-hour |
| HIDISA | Diamante Hydroelectric Power Plant |
| HINISA | Los Nihuiles Hydroelectric Power Plant |
| HMRT | Horas de Alto Requerimiento Térmico del Mes (Hours of the month with a high thermal demand) |
| HPPL | Pichi Picún Leufú Hydroelectric Power Plant |
| IFRS | International Financial Reporting Standards |
| Kbbl/kboe | Thousands of barrels/thousands of barrels of oil equivalent |
| Libor | London InterBank Offered Rate |
| M3 | Cubic meter |
| MAT ER | Term Market from Renewable Energy Sources |
| MBTU | Million British Thermal Unit |
| MW/MWh | Megawatt/Megawatt-hour |
| N.a. | Not applicable |
| O/S | At equity ownership |
| OldelVal | Oleoductos del Valle S.A. |
| Pampa / the Company | Pampa Energía S.A. |
| Pampa Group | Pampa Energía S.A. and its subsidiaries |
| PEMC | Ingeniero Mario Cebreiro Wind Farm |
| PEPE | Pampa Energía Wind Farm |
| Plan Gas.Ar | Argentine Natural Gas Production Promotion Program – 2020 – 2024 Supply and Demand Scheme (DNU No. 892/20 and supplementary regulations) |
| PPA | Power Purchase Agreement |
| PPE | Property, Plant and Equipment |
| Refinor | Refinería del Norte S.A. |
| Res. | Resolution/Resolutions |
| SBR | Styrene-Butadiene Rubber |
| SE | Secretariat of Energy |
| SEE | Under Secretariat of Electric Energy (former Secretariat of Electric Energy) |
| SOFR | Secured Overnight Financing Rate |
| ST | Steam turbine |
| TGS | Transportadora de Gas del Sur S.A. |
| Ton | Metric Ton |
| Transba | Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires Transba S.A. |
| Transener | Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. |
| US$ | U.S. Dollars |
| UVA | Unidad de Valor Adquisitivo (Acquisitive Value Units) |
| Pampa Energía ● Q1 22 Earning release ● 20 |
