PAM - Earnings call transcript Q2 2022

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Margarita Chun

Thank you for joining our conference. We 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 Zoom. assistance, us need chat participant any please a send message. Should

that please presentation. in read proceeding, is the our Before of disclaimer located page the second

me related the occur company. Pampa involve general based may the risks, assumptions economic statements factors not the results and assumptions statements. conditions that events They in information management understand because that and future. they or in and and operating affect to beliefs Investors such and and to future from Energía could Let on Pampa that available currently uncertainties mention also to results forward-looking Energía's are differ future should of other forward-looking cause those industry could materially may expressed

to Sustainability Relations Lida Wang, will I Now, our Officer go ahead. Pampa over and Energía. Please turn the conference of Investor video

Lida Wang

Thank right, all it interest and call. sweet. Margarita. but great [Technical you, you let's short for quarter, do you, It's joining Margarita, everyone Marie, will again. make our time, conference I Thank a everyone and Difficulty] and Thank been of it in

Q&A we Gustavo? our of plenty time with have you're for in CEO, Yes, Gustavo listen-only So mode. Mariani.

Gustavo Mariani

Nicolás here; are for and with here Gustavo our waiting Mindlin the they Q&A. Mariani you CFO, is

regulated year-on-year and with prices. figures. start higher Energía BXB the gas So let's output, prices, energy million Revenues to increased quarter's driven XX% $XXX commodity rising and by plus legacy sales

PPA's expire. income Barragán this Loma, because and from lower its offset However, Piquirenda increases

before, higher devaluation. expenses intense year-on-year, amounted on explains by XX% EBITDA. XX% by boost explained Quarter-on-quarter of E&P and $XXX in because up result around maintenance were detailed inflation better up linked. same adjusted As sales and activity reasons the and to contractors a increased dollar outpacing offset The million, for cost X% operating our the EBITDA the quarter-on-quarter, seasonality is an peso-linked and margin

gas business below time, plan As power mainly This first taking up is the and the XX% quarter-on-quarter. the our gas QX expansions due in a thanks time adjusted long in gas you CapEx and PEPE Barragán. the see led to and was on and at EBITDA to can III year-on-year oil up commitment right consolidated for XX% XX%. growing

posted only so Moving seen firing business the generation our $XX cycles combined before sales national May, expenses. QX were XX% by on was – to quarter-over-quarter mentioned QX. Compensated EBITDA. mainly passing of growth. that outstanding X, currency season the highly in million the demanded capacity down BXB the we relies to spot units power PPA capacity is operating units EBITDA up energy power maturities fuels. liquid with thermal This grid thermal year-on-year contributed generation on the local an The and and margins peso far aggregated Slide and year-on-year, dispatching as dual and generation take-or-pay Because in XX% on also by depreciation, to began better thermal due higher that despite achieved of peak full performance with at X% payments. we

recorded almost contrast, [indiscernible] XX% outages. year-on-year, what QX, minor partial in is due an In with In Buena. availability the rate of and So reached Guemes roughly matters year, outages we to we most. Piedra outstanding last XX%

availability system of above Pampa's was average XX%. again, rate way So the

the Barragán, Regarding our now expansion more advancing at CCGT than done. Ensenada XX% closing to is

the treatment and COD, to is the the by facilities daily running are the pre-commissioning to preparing which this achieve forecasted on and XXX people are cooling tower. steam month perform end plan of the XXXX. working the More project water We of blow than the this

to beyond Moving farm project the PEPE expansion, is III advanced. wind half-way

basis. on the working turbine works, civil the with continue We wind

XX split components and megawatts in the by estimated Bahia of Blanca the XXXX port The received anchor are have the arriving is this the XXXX. first May remaining month. the XX by cages megawatts already February wind COD We turbine two and at stages,

high all is is E&P new the in we recording X, are reached producing. tender, level ramp million record that production cubic added day explained this to deliveries day moving The gas gas a our of Slide Now XX.X since mainly by again, up June. currently X per plan million cubic in per which time Actually meters last May.

In to by gas began plan new is year's as drill Río of to a quarter-on-quarter, to hike gas averaging, but Muerta our higher and before we increase By two that wells million production to XX% but increased peak our EBITDA to XX.X only we cubic to at on and the export type posted XX% to year-on-year, plan. our during main be growing before [indiscernible] during that mentioned share double this up the of further even June quarter-on-quarter, pace. realized meters explained million per and growth block Sierra a we capacity. seen from. Chata Mangrullo XX QX, came spot also cubic completed XX% day Sierra and all nationwide more exports in industrial gas horizontal added smaller mostly activity year-on-year, outpacing XX and and $XXX last prices investment on in of a gas growing a Mangrullo. we our the a We Tight El oil since Neuquén performance contributed horizontal addition, X.X higher the XX XX by targeting the this quarter where has double contributed cubic drilling and increased expect the Briefly and segment. in X. million basis sales day production figures the production almost Chile, and expenses. meters by will adjusted soon total growing only outperformed per We production May, wells and by season, Therefore El XXXX. the XX% and Vaca Slide capacity of formation capacity million quarter per We this meters E&P part commenting day, quarter the block offset complete business QX Last an on of cost-related the Chata year, evacuation, at of the output, wells at third shale XX%. gas source, month

average of which is total Our XX,XXX production boe/day, XX% gas.

Our lifting quarter-on-quarter. XX% XX% and by year-on-year grew cost

X,XXX increased year-on-year, the wise, crude just year-on-year the per XX% lifting per quarter-on-quarter efficiency of down, was sold me similar The but However X% quarter-over-quarter represented and cost oil in revenue day. To XX% recording, segments’ $X.XX revenue XX% being barrels boe. quarter.

export gas resume [indiscernible] to domestic it gas, due primarily Back $XX local and to quarter the sales Realized per was the Brent increased, price. the price barrel, their During almost reduced but July. last month sale was pace This And in per due to and quarter-on-quarter average quarter year-on-year price the prices seasonal million of XX% export up our the to BTU. gas is and up local $X.X is by demand. this prices. driven XX%

breakdown because under right peak As to production season our of in sales have now with up spot. level gas, to meters is retail skewed keep We cubic plain XX in the winter winter ends. priority despite even after they day, the the [indiscernible] aim selling this under we are we per million

to days throughout or the are the to we Secretary Energy day, Chile season. under place pay cleared the mX/day were take per by So excess export ago, output. peak Few we X.X to basis working

QX than due deliver Quarter-on-quarter by of spread was mainly product $XX volume offset a margins. the primarily it adjusted petrochemicals, the to costs. for last was year-on-year, demand for bases, volume of more by million. polystyrene year's XX% partially outstanding reforming material sales and contributed $XX is growth Sales raw driven QX, Plus EBITDA to the total EBITDA XX% Moving margin broader tripled. polystyrene octane were higher up naphtha. another than This the in This In has by increasing and better of exports. demand higher products. million

by flow, that on free a in and are the This the of Slide recorded working payment mainly to from cash outflow capital seen Regarding as seasonal is Remember billing. delays winter CAMMESA. flow due cash we $XX higher we're million. XX, impacted

stock our of addition, plus compared we extension gas lower up by year-on-year, deliveries, We due CapEx to last XX% to debt In recorded significantly renewal lesser [indiscernible] the investment. E&P service year. because ramp commitment

addition, achieving the cash by incur quarter. million of collected summary, final minor $XX net million In [indiscernible] of debt we $XXX a reduced cash end the of quarter we the In and installment. in

X.X%. Slide decreased slide but on to bomb The years. quarter. our billion perimeter. posted We figures, gross affiliates This focus life denominated rate at $X.X restricted X.X last similar consolidated this on let's average ownership, including shows, a reflects of dollar is the average bearing Moving debt interest of XX, that to slightly is the an the XX% to group

at loans outflow X.X During $XXX mentioned slightly the leverage peso ratio quarter net times. Due remain the net before we though minor increased similar cash to to the million. debt added

carry and this maturities, out successfully exchange we week. our tapped Regarding notes our free offer XXXX June last that settled an upcoming

investment issuing XXXX preserve strengthen new cash businesses, to principle our was cash solid $XXX the new bond million in to with forward and fixed compensation. face X.X%. a of cash XXXX and notes, choosing in XX% XX% an production. successfully and goal position Our of intense gas value exchanged we our move holder especially $XXX plan our in Thanks to to out million support, the core $XXX profile debt with reduce by $XXX XXXX by rate a interest million Thus, debt extended notes of annually December proposal and notes from amortizing the picking we paying with million

took AR$XX for AR$X in XX net issue pesos loans, we loans. of and a addition, billion bank billion In months, also loan bearing due local

So XXXX, debt new not as in the profile you face exchange after Pampa until maturities. can does the debt relevant see

questions. Margarita I So who this turn presentation. to the our concludes the you. for now Thank word open will floor will

Margarita Chun

is [Operator and floor in CEO Gustavo we questions. our The open Lida. So same you, have Wang the camera. Thank Mariani, here now for Lida Instructions]

He McGann So questions. of of from has Bank comes first question America. our three Frank

with start will We first the one.

with transportation output the is oil next two, outside new one first and gas expectation what over three Pampa are a for for years now the The capacity?

Gustavo Mariani

a had iPad, to move you thank to Okay. Hi, my so we working for Is it thing And had question. position. Lida’s morning. Frank, now? the rolling I with good Sorry, that

– de that still drilling our Muerta to nothing Aranda, play the confirmed increase although but in Vaca don't area, on have, discussing the that in with – we partners we oil, one Any to Regarding with are are land order that in that production. with have we start any we yet. partner currently, that's our Rincón front oil any analyzing way, significantly all we operate alternatives in

gas, In our natural terms is to continue aim of growing.

at all to treatment of dimension natural which of Thanks are to in treatment plant cubic away El months in the we meters Chile we And reach million increase are to natural export maintain plants. full summertime. increase We for to new of of production, day per of record meters capacity Mangrullo gas in cubic that throughout the our gas X gas to as a summer. currently – gas. few currently a the order XX.X production, We of finishing another hope

So that a next we – clear XXXX, in There how depend that will the the long. hope of of outcome new the all by outcome for are on I is the we on on what capacity that winter – any on basically market, depend haven't use able to auction so of be expecting. of been will

mid XX natural we of Basin. know, capacity to evacuation million the So out meters the of gas will Neuquina it of as by start been if building increase And you order capacity new the in go goes increase Neuquina be of as signed expect it, evacuation Basin. of There next have from an the fine and the contracts the will everything winter. pipeline to cubic

are we option to next year. fulfill the for plant are soon on, on Secretary depending this gas will be we in successful order on gas that announce Energy and pipeline that plans the new with So new a how will of expecting

Margarita Chun

Thank Gustavo. you,

about is power power quarters next question is over your plants? generation, plant scheduled second The in the what maintenance several

Lida Wang

in October next have combined So the number our of we we the This Loma de in original two, cycles. some And two combined at and between maintenances September la turbines Lata distinct is Piquirenda contains of Ingeniero. and the do the number usually QX, end the [indiscernible] one. quarter in in and quarter cycle,

Margarita Chun

is Frank and ending additional also starting XXXX are Lida. terms you, of power and XXXX PPA in the rest generation. of And What contracts expected in the through about last of Thank of and question changes XXXX?

Gustavo Mariani

seeing me you Give a Are second. Okay. now? me

the you capacity in the that Regarding are XX-year – we it’s together a show – new finishing that with a XXX Barragán of the without as turbine PPA. in of of megawatts and steam Lida working PPAs, know, picture Ensenada as closing YPF with

the As finish to – this year. Lida by the end the by mentioned, of the the end to of we works be the the expect COD fourth at quarter end on

fully expansion. a PPA starts in impact the so conference And the Also expecting of we XXXX. will windmills, are adding that and picture for III, megawatts of expansion to be of minute before the the the PEPE XX we of of this that regarding windmills unloading where

In we site. on on there. putting windmills So the will everything is track a weeks, begin few the

February by first other the of So later, months should the mega be XX two next year, XX And online. mega.

XXXX, the megawatt an new that is have maturities. XX the PPA So the Ensenada XX% PPAs we regarding And of will Barragán in you don’t farm. addition now XXXX, is of the any until end come of so of that wind megawatt new of – canyon XX the of the expand plus to the end have from that

be the and XXXX in will maturities So XXXX next PPAs.

Margarita Chun

from Castagnino comes from you, He And has three also Securities. BCP next Thank questions. our Matias Gustavo. question

the new regarding is first The pipeline. one

How your depend record recording is gas. gas much Pampa the – on high pipeline? new does of of growth production production You –

Gustavo Mariani

because It we concentrated Neuquina then summer, the Neuquina the much market. concentrated evacuation is in can. all exporting Basin. natural in Chile is And has as also And fully during on our the as depends Basin we Basin, new of gas okay, internal towards in all reached towards almost production it’s capacity, Neuquina it pipeline are the

until expect which way the no is other which until market of – gaining it’s increase new There’s we within happen. basin, to than there this bit share production next to happen unlikely of pipeline, mid-winter by So little is online, a year. to

Margarita Chun

Thank Gustavo. you,

market, And see exceptional that of question the petrochemical global July is August, another quarter. second the regarding are business, in The we and decreasing. in the in there Matias petrochemicals recorded margins EBITDA

expectation period of your the your So year? the is business what regarding for remaining

Gustavo Mariani

You’re year totally probably petrochemical right. record business terrific having again. That the a year, a will it be

but business As of you good several some know, basically down, those – very with health. has others are segments. slowing segments has remain correctly petrochemical four you said, And our as

will quarter, the optimistic visibility, we So have as are a we good third very that be quarter.

capacity and less We to hedge longer-term. have prices for less visibility

it’s everything fine. quarter looks fourth So more uncertain but

of So we besides I having a some good because segments. some are the track on year on think in very slowdown

Margarita Chun

Gustavo. Thank regarding And net is of you, the Matias debt. last the question

$XX debt like know to would And reasons? You what increased March. main are net the slightly to the million we compared by

Nicolás Mindlin

So, hi Matias.

dept So – net different and is the increase this many can [indiscernible] something reasons. increase by explained in be it

one The first working capital. is

some payments some soon few And secondly, stationary We partially farm. expenditures mostly time. losses of the debt sustain we from have net capital what been free during experiencing the delays have face seasonal And last we as payment wind soon because But CAMMESA July. obviously higher Lida increase this in depend CAMMESA investments working high that of said in because so lastly, this to in billing. with expect extraordinary will on future. some and months, offset CapEx during we on in happens delays expenses But financial and and before expansion because some over regarding don't the

Margarita Chun

has the with day day the four receivable account from one. JP comment you Alejandra She on Morgan. Could Thank buildup question from We'll the and of of questions. outstanding, first you, comes of collection next sales our Nico. And CAMMESA? Andrade of start

Nicolás Mindlin

hope payment the I XX to said months as CAMMESA we almost So on deteriorating, weeks, of the been year of we days. the XX situation another month. in few last just during delay due But days when in delay fluctuated of as last approximately the were upcoming and revert last have especially seasonal reaching

Margarita Chun

is question what CapEx regarding production about second and Alejandra's Nico. you, Thank outlook level? the is your

Lida Wang

Power increase are last CapEx us an that quite for power we operate. that very are the peak million units said is This energy to of grid. MP generation. we million It's down day. to we the million, confident we CapEx close year is compared all season. will. Well, stronger XX have are generation, and place this the out year CapEx that this is go meters heavily. in because year year, up is to our we this next we placing we This right $XX And we If cubic $XXX beyond generated [indiscernible] up terawatt from $XX this expansion the III rest the and that's million we million. – expect year of But that coming this keep is million now, we maintenance in the PEPE idea left next Mainly, can sales off as I estimated before, to this Then XX with million production what at is ramp in little. around around per from $XXX we're doing is divestment the it's for only, diverse. year. $XXX to $XXX on, total the is to it's very maintain the year, for expect

Margarita Chun

the Thank happen remaining. to about maturing that? regarding It you, in Alejandra's Lida. and million going is is What's roughly third that $XX XXXX. is notes question XXXX July with

Nicolás Mindlin

that of XXXX So a the if will Pampa's same is The remains as in current have think $X more cash that participation we just for reasonable the amount access XX%. considering flow is we understand very the next year, number regulation was holdouts million capacity. of we generation exchange than

upcoming So track plans taking company month, the in analyze regulation the in CapEx also the time. account, alternatives, we the place at and will that

Margarita Chun

Thank is sheet. see sales that of And the about last the we you, can Alejandra's Nico. balance inflow in question asset

Nicolás Mindlin

buyers. of $XXX else So payment, we last the to June the anything million of is first the not we mainly of And of the do from XX% week because collect July, we and collected this Edenor. of complete week last with and million the $XX the during the sale this have

Margarita Chun

is cover What from regarding And one is la regarding gas insurance Thank problem much in the turbines MetLife. technical the the Florencia de expectation of company this regarding next question they comes company, Loma your we problem? should Her technical Lata. how had of our you, question the Nico. Mayorga from

Gustavo Mariani

basically business ready days, of have, terms we should cover company cover it's what about long beyond between Hi, machine not that million. And the they in self-insurance the – deductible will and is we hope it interruption have the – cover that Florencia. we $X be deductible have and The we which insurance retention should before. will XX take a

past, damage that responded the cover cover issues understand goes that because are the and anything We they suffer. negotiation. supplier reality kind And they should optimistic we beyond the they have So are we But number. that on we the of responsibility. discussing that should with outcome of the the to is we that this according in had that

So need the anything – the to the to with and hope to to our insurance not That's be fault. we of company supplier. claim to solve issue this expectation

Margarita Chun

Thank view Florencia one and added is you, Energy appointment is official question it Pampa’s on the Secretary. the Gustavo. in this change? more about new What

Gustavo Mariani

although, Well, that we appointments we working of them With government have know appointed and relationship. officials have some know have in and the we new in know because change excellent the from. regarding an Energy the in with the are assets positions, Secretary the other Energy, very Secretary her, of and which we dialogue where coming well province been of we new her she’s

say her about We optimistic capabilities for very position. the have knowledge, let’s are we but

news – yesterday far reduction step announcement been forward, has regarding the significant And sector. Economy the production important. incentives of are very the the So other sector, Ministry announcements it’s for the the excellent the tariff, that regarding a were towards all increase and excellent VacaMuerta made the by subsidies, to in very, both

in going is becomes the you macroeconomic what because in to as situation. so that although are we the moving will times energy are tough solving to related doing help right an issues through Argentina, sector, the they’re of sector in our very macro is optimistic the important So of know, they directions – situation, terms

Margarita Chun

Gus. you, Thank

revenue of Greca to from Our Chile from exports How QX TPCG. four comes next much represent incremental this question and year? La will in Paula

Gustavo Mariani

to permit about done. all paperwork a We almost export in export Secretary granted X.X are to million be are Chile, firm almost the permits she’s and the

Those So expecting per weeks BTU. cubic and average will meter close to are granted done export. million be be should be of exports X.X in – in of the million of next we to published $X couple per firm will day we

price during something price, export the excellent being the an $X summertime the difference or the it’s assuming price. And and the So between $X. local about

the $XX export million, So around contract. should incremental revenue million be of $XX the because

Margarita Chun

Thank you, Gus.

from has comes Portfolio Caldi Our two from next He Personal. question Lucas questions.

the off one first season to gas coming do in well, as the Gustavo Please As meters. much export million the think few during peak please. mentioned, able cubic related a the with The having we season. is gas X.X during we give months? we peak but are are We us export inconvenience minutes you’ll situation, off until to some you How settle quality. having the apologize, internet be the

Caldi what So year be season the per basis. of until Lucas peak but the first we paperworks export the take meter May as off Can a to exports? of million cubic ready of day, mentioned was would related those or export, next having question you are the to gas the permit on Gustavo during pricing since pay give X.X October, have expected

Gustavo Mariani

Okay.

that. April what I million on meters Chile. we think gas to but expect of million, X.X other to of October gas end with around answered a basis, a per beginning of close we X.X a cubic for of the BTU price $X Xst expecting million. until X.X are on the X – And firm to hopefully firm not the export the in negotiating I export But our is are still will million, just summer firm in for counterparty total day, so be million the per natural we during

Margarita Chun

Gust, and Lucas. you, Thank

this question winter, winter? next natural Could regarding final by you gas is pipeline in that to you of time. further Lucas, increase new Next question, production case Chile the not a is expecting export that are ready this as you next winter, to is additional the did production

Gustavo Mariani

Frank will capacity to not, restrictions, meters will ready production time. through winter, have summer, export new per meters during expect, Chile we X it pipeline to day sell to will Chile, the of have investment be level transportation million of the production from week XX to production the depend increase gas to on next that of Whether by the natural will on winter. that of XX our infrastructure it million of in Thanks McGann’s to that gas question, the day. we we or before gas because visibility mid or by our winter reach referring. our during cubic ready possibility we next on said that As export million natural And by can per cubic remuneration around we to the I’m be

During Chile naturals than the we meters million because [ph] to less winter, can export gas only transportation X restriction. of cubic of

again, but So local we in the market both with will of we share have market have new in the yet the capacity don’t export production, pipeline. to or grow market on our visibility the the expansion

our once on that, we be we will increase clarity in to tune able So, more production. fine have

Margarita Chun

Thank you, Gust.

next comes has from questions. question [indiscernible]. He two Our

first of state finance question the on revenues overnight same line, what collection Pampa’s counterpart? effect as evaluation your steep the average a be percentage amount On has days of are given net The and of what invoices? unpaid is, a the will the what the

Nicolás Mindlin

Sure.

in pesos, reaching been XX on as So, factors increase as the exactly But interest adjusted time I said affect to ratios positive ratios delay And has just it will in the the that has difficult will an commission and the for the days. days time give the amount the by and before, of depend idea ratios rate of on at day by in until pesos because FX discreet to FX our payments the that day, iterating adjusted that is the delay. impact at day are approximately two XX%. after the this any of many right? estimate two near days of obviously an to residuals And evaluation of

Margarita Chun

Nicolás. you, Thank

or E&P execution? CapEx is for any affecting logistics The your restrictions are second the Gust, question business, regarding there market

Gustavo Mariani

regarding so CapEx, government yesterday the like customs will and the even question the perfectly for problems. are that macroeconomic no in to we part of green understands energy not of the channel solutions Economy facing be has problems, [indiscernible] any The announced Ministry

increase partner order to in to the so to bottlenecks and problems industry And the move suffers production. they’re trying pull

So, we any yet. problems haven’t suffer

the is We are equipment, a equipment example, – lack of some bottlenecks, are in that there for fracking bottleneck. fracking market

to need industry in to of and we the order volumes import understand an So, rhythm new government to the problem. remove as increase to be need that sets we any able production

optimistic. are problem we’ll plans. not with our we any have implementing We So

Margarita Chun

Gust. you, Thank

Our next He has Guilherme One questions. from question regarding comes another from capital. two for one working Levy and Stanley. Morgan E&P,

is is What investment The E&P. What inflation any regarding to coming planning investment? in both that Argentina executed company doing global restriction the there quarters? impact environment, the the Argentina for to the first one in in What CapEx import industry? ensure in be is is, for if and in high this short-term the for

Lida Wang

of in covered XXX. we it's CapEx. Gustavo, of our next it's CFO, the So generations, basically recently And around think CapEx Nico. again, probably million, million power year we the in is $XXX generation. say and I $XXX for happen in XX the power year, of case around it's Restrictions for outlook for by expansionary can loaded it have the and from imports, this capital is of outlook E&P just one-offs and this case This again year. with E&P because the CapEx we year then covered XXX It's expansionary not going to just working out

Margarita Chun

you, Thank Lida.

move second of covered He three question Credit the capital. Guilherme the of Suisse. So regarding also we on Rafael of working has We'll question questions. Nagano with

Lata their PPA? commercialization La one for first Piquirenda Steam Loma expiration are De the Turbine is The of and what plans the given

Lida Wang

is the how the migrate That's This PPAs. it Hi, market. Rafael. things their The – works. for that they to CAMMESA spot mature they PPAs when

Now roll. [indiscernible] they constantly for the

Margarita Chun

Thank you, Lida.

second come and big is, The any of If expectation is Rafael when how it question for should should there new it be? gas so supply options?

Gustavo Mariani

and on Then compression hope that be of plants should Plus Without the we be, Genelba At first, by the and is the online – be million second next the be will capacity will winter. stage, that ready this new XX stage compression. pipeline first will without optimistic we're that will on in capacity double.

In to So plants the it rates. ready be not delay to in of because compression supply XXXX, will pipeline. added cubic just XX By with million, capacity the a XXXX million feet going compression XXXX once the XX XXXX. winter of from to XX [indiscernible] summary go of another per another that day. compression more million of capacity winter is million XX our But for that’s from complaint is the

should for be first been and announced in that XX time the that's the with the government of industry the and offered. be continue, industry the option to it’s needs the for because announced better price reduction the sooner terms going any So will of be to the million

so one And just will of demand. percentage million those Regarding XX% XXXX, the of year a like loss, at contracted less We gas XXXX. for small those a continues something how million year [indiscernible]. winter? year be XX to what especially much XX% millions [indiscernible] in Then XX probably all those during are it'll one, there to peak, on be will Bolivia be provide think round XX

Margarita Chun

Thank you.

Our last should question about, any additional capacity from we Suisse is Credit adjustment Rafael expect to remuneration? of legacy

Gustavo Mariani

we're We the discussing hope with authorities. And so.

of are this been it. have since fact, another to We February XX% and been of inflation in year, in February of adjustment and about given has of one XX% legacy way but February since this last in those aware XXXX year of figures. have They capital of June year, is basically that that

cost are will just discussing optimistic with currently we’re anything want we compensate the in and the don't coming authorities. confirm have we inflation. to and we yet We the months, So that have

Margarita Chun

Bruce. you, Thank

AR Nistor He Partners. IRA them on move has answered. seven most from of were questions next already but partners, He's from will question. with We the Rodrigo

two will we So reply questions.

as you reduction do pay in is question from CAMMESA expect larger first payment energy a portion consumers of The cost? days

Gustavo Mariani

answer. to tough It's

good system and very from treasury. First question require definitely the it'll subsidy news yes, it’s a That that is less is will news. good the help,

about CAMMESA important the the to we need season. stress the power import over are almost is are the is is import winter, what to pay basically about very and supply of that of that winter heavy energy, they during also CAMMESA which fuel because and most of – suffer and oil for the plants Escalante So in

then increasing those are CAMMESA of should this of the expect seasonality. the expect from price factors of you that company distribution but terms mentioned and positively increase in the we because of of have that's. two impact collection So because we that the And CAMMESA collections CAMMESA to because what

case. the be optimistic. be will Let’s That

Margarita Chun

Thank Rodrigo grow production capacity second additional becomes you, the available? you of Gus. mixing And is much how can if question

Gustavo Mariani

to to of that that X.X in brought what but We already and million that We're and El natural to El so drill plant are capacity up. in that have or need five Mangrullo finish be have new new gas in we that will in the current treatment not capacity. we’re production about order cubic of think produce September have, to will a million, answered to currently – our we to El production I work we gas a capacity and is from million meters Mangrullo wells mixing. total complete XX take is the to fill and new ready, we – October new production XX.X Mangrullo not will in

will before, out or second as not depend will those or was but ready, year, the domestic We from next that market see from millions and have whether demand and both we starting export that fully said Chile… the five of the field from we fill on up, quarter

Gustavo Mariani

Thank you, Gus.

few the the of to running person the question. we who questions. hour video some one most were the conference. will Anyway, because We the be couldn't of covering to been we There that directly time. who contact questions are tried respect answered have answered, We out answer

section. remarks. final question-and-answer to I'll the Lida concludes this for turn So

Lida Wang

answered, a that it If say, there's would quarter. I topic us. questions any contact any was please we had or great didn’t

question. seriously. out reach will answer and to We is not This

us that does It and you out like questions. lot have, because, Margarita you. of close it's, do us Any we you you lot may happy to questions Gus, reach always for a activity. Nico. I and a there's like can be have available very feel of We keep

Gustavo Mariani

very participating. much for you Thank

prospect We very the the forward going optimistic are on of company.

As Nico to focus refinance our the us and important this exclusively been capacity with and past Lida said growing maturity, week have Being able leave for XXXX on our production. on growing to company. very

that it's also our maturity the about So to the news to been and forward forward, those, reduce very move indebtedness new pipeline. important move and

new and excellent Economy Minister, that and announced for the minister forward of measures moving are Energy have Finally the by the news the all been companies.

are our you be much So hard very fulfill and for very we expectations. very we'll joining. working to Thank optimistic

Lida Wang

Thank concludes for Gus. you This joining. presentation. you, Thank today's

at Goodbye. may time. this You disconnect be

Margarita Chun	Investor Relations
Lida Wang	Investor Relations and Sustainability Officer
Gustavo Mariani	Vice President and Chief Executive Officer
Nicolás Mindlin	Executive Director-Finances
Rodrigo Nistor	AR Partners

Pampa Energía (PAM) 12 Aug 222022 Q2 Earnings call transcript