Pampa Energía Announces Second Quarter 2025 Results: Shale Oil Ramp-up, Gas Production Record
BUENOS AIRES, ARGENTINA / ACCESS Newswire / August 6, 2025 / Pampa Energía S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in Argentine oil, gas and electricity, announces the results for the six-month period and quarter ended on June 30, 2025.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate (‘FX') is applied. However, Transener and Transportadora de Gas del Sur's (‘TGS') figures are adjusted for inflation as of June 30, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.
Second quarter 2025 (‘Q2 25') main results 1
Sales recorded US$486 million in US$486 million in Q2 25 2, a 3% year-on-year slight decline, driven by lower deliveries under the Plan Gas Long-term gas sale agreement (‘GSA') and a drop in petrochemical and crude oil prices, partially offset by contributions from Parque Eólico Pampa Energía 6 (‘PEPE 6'), higher spot energy prices and increased export volumes of gas, crude and reformer products.
During Q2 25, oil production rose at Rincón de Aranda and wind power generation achieved a high load factor.
Q2 25
Q2 24
Variation
84.1
90.8
-7
%
76.1
85.4
-11
%
8.0
5.4
+47
%
Average gas price (US$/MBTU)
4.0
4.0
-1
%
Average oil price (US$/bbl)
61.6
71.8
-14
%
4,704
5,067
-7
%
25.8
24.7
+5
%
125
111
+12
%
978
1,199
-18
%
Adjusted EBITDA reached US$239 million in Q2 25, 17% less than Q2 24, explained by lower gas deliveries under Plan Gas and weaker domestic demand, a decline in petrochemical prices and higher operating expenses, partially offset by higher spot prices, PEPE 6 and increased oil output and gas exports.
Net income attributable to shareholders was US$40 million, 60% decrease year-on-year 3, mainly explained by higher non-cash deferred tax charges and a lower operating margin, offset by gains from holding financial instruments and the absence of impairments recorded on Q2 24.
Net debt totaled US$712 million, representing a net-debt to EBITDA ratio of 1.1x, mainly due to higher working capital needs and continued investments in the development of Rincón de Aranda.
1 The information is based on financial statements (‘FS') prepared according to International Financial Reporting Standards (‘IFRS') in force in Argentina.
2 Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as ‘Results for participation in joint businesses and associates.'
3 Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.
Consolidated balance sheet
(As of June 30, 2025 and December 2024, in millions)
As of 06.30.2025
As of 12.31.2024
AR$
US$
AR$
US$
3,519,259
2,921
2,690,533
2,607
111,806
92
99,170
95
11,481
10
11,330
11
139,295
116
161,694
157
1,274,813
1,058
1,024,769
993
-
-
-
-
32,842
27
28,127
27
436
-
366
-
166,569
139
76,798
75
5,256,501
4,363
4,092,787
3,965
294,050
244
230,095
223
51,012
42
82,628
80
814,863
676
877,623
850
45,748
38
979
1
720,687
598
503,529
488
193,570
161
761,231
738
2,119,930
1,759
2,456,085
2,380
7,376,431
6,122
6,548,872
6,345
4,199,021
3,485
3,391,127
3,286
10,344
9
9,167
9
4,209,365
3,494
3,400,294
3,295
125,411
104
141,436
137
411,483
341
77,284
75
58,729
49
50,223
49
36,817
31
31,293
30
1,650,036
1,369
1,416,917
1,373
99,868
83
87,992
84
2,382,344
1,977
1,805,145
1,748
10,215
8
10,725
10
19,732
16
265,008
257
43,865
36
30,989
30
6,942
6
7,077
7
28,461
24
40,035
39
2
-
2
-
267,715
222
728,096
706
407,790
339
261,501
253
784,722
651
1,343,433
1,302
3,167,066
2,628
3,148,578
3,050
7,376,431
6,122
6,548,872
6,345
Consolidated income statement
(For the six-month periods and quarters ended on June 30, 2025 and 2024, in millions)
First half
Second quarter
2025
2024
2025
2024
AR$
US$
AR$
US$
AR$
US$
AR$
US$
1,008,884
900
783,788
901
570,169
486
446,412
500
839,685
750
649,186
742
466,791
398
374,607
416
169,199
150
134,602
159
103,378
88
71,805
84
(700,707
)
(625
)
(487,428
)
(565
)
(399,697
)
(340
)
(272,245
)
(307
)
308,177
275
296,360
336
170,472
146
174,167
193
(47,845
)
(43
)
(31,582
)
(36
)
(25,355
)
(22
)
(18,002
)
(20
)
(93,701
)
(84
)
(71,674
)
(83
)
(48,646
)
(41
)
(37,436
)
(42
)
(225
)
-
(167
)
-
(167
)
-
(85
)
-
60,181
53
70,781
83
24,708
21
41,789
48
(44,759
)
(40
)
(43,054
)
(52
)
(21,048
)
(18
)
(16,669
)
(21
)
(776
)
(1
)
(142
)
-
31
(1
)
(110
)
-
(2,508
)
(2
)
(49,592
)
(56
)
(2,296
)
(2
)
(19,762
)
(22
)
91,347
76
31,894
39
43,203
30
(19,522
)
(22
)
-
-
5,765
7
-
-
4,307
5
269,891
234
208,589
238
140,902
113
108,677
119
38,744
35
2,009
2
3,250
2
662
-
(111,459
)
(99
)
(81,688
)
(94
)
(68,615
)
(58
)
(37,733
)
(41
)
138,110
122
62,861
74
100,060
85
19,056
22
65,395
58
(16,818
)
(18
)
34,695
29
(18,015
)
(19
)
335,286
292
191,771
220
175,597
142
90,662
100
(115,125
)
(99
)
121,166
147
(118,154
)
(103
)
(1,521
)
(1
)
220,161
193
312,937
367
57,443
39
89,141
99
220,570
193
313,160
367
58,684
40
90,061
100
(409
)
-
(223
)
-
(1,241
)
(1.0
)
(920
)
(1
)
162.2
0.1
230.3
0.3
43.2
0.0
66.2
0.1
4,054.6
3.5
5,756.6
6.7
1,078.8
0.7
1,655.5
1.8
1,360
1,360
1,360
1,360
1,360
1,360
1,360
1,360
Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of June 30, 2024 and 2025.
Consolidated cash flow statement
(For the six-month periods ended on June 30, 2025 and 2024, in millions)
First half 2025
First half 2024
AR$
US$
AR$
US$
220,161
193
312,937
367
170,306
163
52,945
47
(267,928
)
(209
)
(294,654
)
(350
)
(310,052
)
(254
)
(369,488
)
(432
)
(23,792
)
(20
)
(24,392
)
(30
)
66,873
65
71,280
81
(11,709
)
(10
)
3,122
3
(1,314
)
(1
)
(1,074
)
(1
)
13,739
13
26,664
30
(4,245
)
(4
)
(916
)
(1
)
2,572
2
150
-
122,539
147
71,228
64
(473,948
)
(444
)
(216,377
)
(260
)
-
-
(2,457
)
(3
)
350,106
316
32,883
86
(4,906
)
(4
)
(755
)
(1
)
(44,726
)
(41
)
(19,750
)
(23
)
-
-
(11,192
)
(13
)
-
-
15,802
18
-
-
30,138
37
4,608
3
-
-
4
-
6,955
8
2,410
2
-
-
-
-
(115
)
-
(166,452
)
(168
)
(164,868
)
(151
)
434,160
380
265,785
306
(115,152
)
(108
)
(60,169
)
(69
)
(113,675
)
(101
)
(71,365
)
(83
)
(804,524
)
(725
)
(66,329
)
(75
)
-
-
(37
)
-
(2,035
)
(2
)
(1,564
)
(2
)
(601,226
)
(556
)
66,321
77
(645,139
)
(577
)
(27,319
)
(10
)
761,231
738
137,973
171
77,487
n.a.
27,860
n.a.
(645,139
)
(577
)
(27,319
)
(10
)
193,570
161
138,514
161
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampa.com/en.
Information about the videoconference
There will be a videoconference to discuss Pampa's Q2 25 results on Thursday, August 7, 2025, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Adolfo Zuberbühler, CFO, Horacio Turri, EVP and head of oil and gas and Lida Wang, IR & ESG Officer at Pampa.
For those interested in participating, please register here.
For further information about Pampa:
investor@pampa.com
ri.pampa.com/en
www.argentina.gob.ar/cnv
www.sec.gov
SOURCE: 1/3 Pampa Energía S.A.