Pampa Energía Announces Second Quarter 2025 Results: Shale Oil Ramp-up, Gas Production Record

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Pampa Energía Announces Second Quarter 2025 Results: Shale Oil Ramp-up, Gas Production Record

ECONOMY 06.08.2025

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.

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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 results¹

Sales recorded US$486 million in US$486 million in Q2 25², 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.

Pampa's main operational KPIs		Q2 25	Q2 24	Variation
Oil and gas	Production (k boe/day)	84.1	90.8	-7	%
	Gas production (kboepd)	76.1	85.4	-11	%
Crude oil production (kbpd)	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	%

Power	Generation (GWh)	4,704	5,067	-7	%
	Gross margin (US$/MWh)	25.8	24.7	+5	%

Petrochemicals	Volume sold (k ton)	125	111	+12	%
	Average price (US$/ton)	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-year³, 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.

¹The information is based on financial statements ('FS') prepared according to International Financial Reporting Standards ('IFRS') in force in Argentina.
²Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as 'Results for participation in joint businesses and associates.'
³Consolidated 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
Figures in million	AR$		US$		AR$	US$
ASSETS
Property, plant and equipment	3,519,259	2,921	2,690,533	2,607
Intangible assets	111,806	92	99,170	95
Right-of-use assets	11,481	10	11,330	11
Deferred tax asset	139,295	116	161,694	157
Investments in associates and joint ventures	1,274,813	1,058	1,024,769	993
Financial assets at amortized cost	-	-	-	-
Financial assets at fair value through profit and loss	32,842	27	28,127	27
Other assets	436	-	366	-
Trade and other receivables	166,569	139	76,798	75
Total non-current assets	5,256,501	4,363	4,092,787	3,965

Inventories	294,050	244	230,095	223
Financial assets at amortized cost	51,012	42	82,628	80
Financial assets at fair value through profit and loss	814,863	676	877,623	850
Derivative financial instruments	45,748	38	979	1
Trade and other receivables	720,687	598	503,529	488
Cash and cash equivalents	193,570	161	761,231	738
Total current assets	2,119,930	1,759	2,456,085	2,380

Total assets	7,376,431	6,122	6,548,872	6,345

EQUITY
Equity attributable to owners of the company	4,199,021	3,485	3,391,127	3,286

Non-controlling interest	10,344	9	9,167	9

Total equity	4,209,365	3,494	3,400,294	3,295

LIABILITIES
Provisions	125,411	104	141,436	137
Income tax and minimum notional income tax provision	411,483	341	77,284	75
Deferred tax liability	58,729	49	50,223	49
Defined benefit plans	36,817	31	31,293	30
Borrowings	1,650,036	1,369	1,416,917	1,373
Trade and other payables	99,868	83	87,992	84
Total non-current liabilities	2,382,344	1,977	1,805,145	1,748

Provisions	10,215	8	10,725	10
Income tax liability	19,732	16	265,008	257
Tax liabilities	43,865	36	30,989	30
Defined benefit plans	6,942	6	7,077	7
Salaries and social security payable	28,461	24	40,035	39
Derivative financial instruments	2	-	2	-
Borrowings	267,715	222	728,096	706
Trade and other payables	407,790	339	261,501	253
Total current liabilities	784,722	651	1,343,433	1,302

Total liabilities	3,167,066	2,628	3,148,578	3,050

Total liabilities and equity	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
Figures in million	2025						2024						2025				2024
	AR$		US$		AR$		US$		AR$		US$		AR$		US$
Sales revenue	1,008,884	900	783,788	901	570,169	486	446,412	500
Domestic sales	839,685	750	649,186	742	466,791	398	374,607	416
Foreign market sales	169,199	150	134,602	159	103,378	88	71,805	84
Cost of sales	(700,707	)	(625	)	(487,428	)	(565	)	(399,697	)	(340	)	(272,245	)	(307	)

Gross profit	308,177	275	296,360	336	170,472	146	174,167	193

Selling expenses	(47,845	)	(43	)	(31,582	)	(36	)	(25,355	)	(22	)	(18,002	)	(20	)
Administrative expenses	(93,701	)	(84	)	(71,674	)	(83	)	(48,646	)	(41	)	(37,436	)	(42	)
Exploration expenses	(225	)	-	(167	)	-	(167	)	-	(85	)	-
Other operating income	60,181	53	70,781	83	24,708	21	41,789	48
Other operating expenses	(44,759	)	(40	)	(43,054	)	(52	)	(21,048	)	(18	)	(16,669	)	(21	)
Impairment on PPE, int. assets & inventories	(776	)	(1	)	(142	)	-	31	(1	)	(110	)	-
Impairment of financial assets	(2,508	)	(2	)	(49,592	)	(56	)	(2,296	)	(2	)	(19,762	)	(22	)
Results for part. in joint businesses & associates	91,347	76	31,894	39	43,203	30	(19,522	)	(22	)
Income from the sale of associates	-	-	5,765	7	-	-	4,307	5

Operating income	269,891	234	208,589	238	140,902	113	108,677	119

Financial income	38,744	35	2,009	2	3,250	2	662	-
Financial costs	(111,459	)	(99	)	(81,688	)	(94	)	(68,615	)	(58	)	(37,733	)	(41	)
Other financial results	138,110	122	62,861	74	100,060	85	19,056	22
Financial results, net	65,395	58	(16,818	)	(18	)	34,695	29	(18,015	)	(19	)

Profit before tax	335,286	292	191,771	220	175,597	142	90,662	100

Income tax	(115,125	)	(99	)	121,166	147	(118,154	)	(103	)	(1,521	)	(1	)

Net income for the period	220,161	193	312,937	367	57,443	39	89,141	99
Attributable to the owners of the Company	220,570	193	313,160	367	58,684	40	90,061	100
Attributable to the non-controlling interest	(409	)	-	(223	)	-	(1,241	)	(1.0	)	(920	)	(1	)

Net income per share to shareholders	162.2	0.1	230.3	0.3	43.2	0.0	66.2	0.1
Net income per ADR to shareholders	4,054.6	3.5	5,756.6	6.7	1,078.8	0.7	1,655.5	1.8

Average outstanding common shares¹	1,360	1,360	1,360	1,360
Outstanding shares by the end of period¹	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
Figures in millions	AR$		US$		AR$		US$
OPERATING ACTIVITIES
Profit of the period	220,161	193	312,937	367
Adjustments to reconcile net profit to cash flows from operating activities	170,306	163	52,945	47
Changes in operating assets and liabilities	(267,928	)	(209	)	(294,654	)	(350	)
Increase in trade receivables and other receivables	(310,052	)	(254	)	(369,488	)	(432	)
Increase in inventories	(23,792	)	(20	)	(24,392	)	(30	)
Increase in trade and other payables	66,873	65	71,280	81
(Decrease) Increase in salaries and social security payables	(11,709	)	(10	)	3,122	3
Defined benefit plans payments	(1,314	)	(1	)	(1,074	)	(1	)
Increase in tax liabilities	13,739	13	26,664	30
Decrease in provisions	(4,245	)	(4	)	(916	)	(1	)
Collection for derivative financial instruments, net	2,572	2	150	-

Net cash generated by (used in) operating activities	122,539	147	71,228	64

INVESTING ACTIVITIES
Payment for property, plant and equipment acquisitions	(473,948	)	(444	)	(216,377	)	(260	)
Payment for intangible assets acquisitions	-	-	(2,457	)	(3	)
Collection for sales of public securities and shares, net	350,106	316	32,883	86
Subscription of mutual funds, net	(4,906	)	(4	)	(755	)	(1	)
Capital integration in companies	(44,726	)	(41	)	(19,750	)	(23	)
Payment for right-of-use	-	-	(11,192	)	(13	)
Collection for equity interests in companies sales	-	-	15,802	18
Collection for joint ventures?? share repurchase	-	-	30,138	37
Collections for intangible assets sales	4,608	3	-	-
Dividends collection	4	-	6,955	8
Collection for equity interests in areas sales	2,410	2	-	-
Collection (Payment) of loans	-	-	(115	)	-

Net cash generated by (used in) investing activities	(166,452	)	(168	)	(164,868	)	(151	)

FINANCING ACTIVITIES
Proceeds from borrowings	434,160	380	265,785	306
Payment of borrowings	(115,152	)	(108	)	(60,169	)	(69	)
Payment of borrowings interests	(113,675	)	(101	)	(71,365	)	(83	)
Repurchase and redemption of corporate bonds	(804,524	)	(725	)	(66,329	)	(75	)
Payments of dividends	-	-	(37	)	-
Payments of leases	(2,035	)	(2	)	(1,564	)	(2	)

Net cash (used in) generated by financing activities	(601,226	)	(556	)	66,321	77

(Decrease) Increase in cash and cash equivalents	(645,139	)	(577	)	(27,319	)	(10	)

Cash and cash equivalents at the beginning of the year	761,231	738	137,973	171
Exchange difference generated by cash and cash equivalents	77,487	n.a.	27,860	n.a.
Decrease in cash and cash equivalents	(645,139	)	(577	)	(27,319	)	(10	)

Cash and cash equivalents at the end of the period	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:

SOURCE: 1/3 Pampa Energía S.A.

View the original press release on ACCESS Newswire

N.Mitchell--AT

Arizona Tribune - Pampa Energía Announces Second Quarter 2025 Results: Shale Oil Ramp-up, Gas Production Record

Pampa Energía Announces Second Quarter 2025 Results: Shale Oil Ramp-up, Gas Production Record

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