Q3 2024 Pampa Energia SA Earnings Call Transcript
Key Points
- Pampa Energia SA (PAM) reported a solid performance in gas upstream and power generation, overcoming the winter peak with an 8% increase in gas production year-on-year.
- The company's balance sheet remains strong with extended maturities and improved liquidity, bringing net debt to its lowest level since 2016.
- Adjusted EBITDA increased by 14% from last year, driven by increased gas deliveries through the new pipeline and higher spot prices.
- The power generation segment posted a 23% increase in EBITDA year-on-year, supported by higher legacy prices and greater gas and power availability.
- Pampa Energia SA (PAM) successfully completed civil works for the P/E six expansion, with 98% of the project advanced and 114 megawatts operational.
- Quarter-on-quarter decrease in performance due to warmer September temperatures, gas pipeline curtailments, and higher operating costs.
- CapEx in Q3 was 59% lower year-on-year, mainly due to the ramp-up of shale gas and construction projects in 2023.
- Petrochemicals segment posted an 88% drop in EBITDA year-on-year due to higher costs and peak demand downturn.
- The EMP business saw an 8% decrease in EBITDA year-on-year, largely due to higher operating costs and reduced exports to Chile.
- The company faces bottlenecks due to delays in the commissioning of compressor plants and soft demand from industries in Chile.
Good morning, everyone. And thank you for waiting. I'm Raquel Caras from Ir and we would like to welcome everyone to Pampa Aria third quarter, 2024.
(oprerators instructions)Now I'll turn the video conference over to Lida. Please go ahead.
Hello, Thank you, Raquel. Hello, everyone and thank you for joining our conference call. I will make a quick summary of Q3. You might find more details in our earnings release and financial statements. Today, we are having our Q&A with our CEO Gustavo Mariani, our CFO Mr Nicolás Mindlin and our head of EMP.
Let's start with the quarter figures marked by the solid performance from gas upstream and power generation which helped to overcome the winter peak. This is the year's most critical period. Gas production increased 8% year on year with a growing contribution from shell. Our CCGTS achieve high low factors supported by strong gas and capacity availability.
Our balance sheet remains solid with extended maturities and
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