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- **Oil Production Surge**: Q4 2025 target 18,000-19,000 bbl/day, 2025 exit 20,000 bbl/day, with 2026 ramp-up to 28,000 bbl/day.
- **Cost Efficiency**: Lifting costs for oil to drop to $9.1-9.2/bbl in 2026, overall BOE to $6.2.
- **Gas Exports Stability**: Chile exports maintain 1.2-1.3 million m³/day.
- **Power Segment Growth**: EBITDA expected 10-15% improvement in 2026.
- **LNG Project Potential**: $140M/year EBITDA, strategic LNG price sensitivity.

**【CEO Summary Section】**
- **Rincón de Aranda Ramp-Up**: Q3 oil production reached 14,400 bbl/day, post-quarter 16,000 bbl/day, targeting 20,000 bbl/day by end-2025. Oil contributes 34% of E&P EBITDA.
- **Revenue Growth**: Adjusted EBITDA $322M (16% YoY), driven by shale oil and gas exports to Chile (+146% YoY).
- **Power Segment**: EBITDA $120M (8% YoY), boosted by self-procured gas and PP6 wind farm.
- **Share Repurchase**: 1.5% of shares bought at $59, current price near $90.

**【CFO Financial Commentary】**
- **2025 Q4 Outlook**: Oil production 18,000-19,000 bbl/day, with 2025 exit rate 20,000 bbl/day.
- **Cost Efficiency**: Lifting costs for oil to drop to $9.1-9.2/bbl in 2026, overall BOE to $6.2.
- **CapEx & Leverage**: 2026 CapEx ~$1B, net debt ~1.1-1.3x, stable financial position.
- **LNG Project**: EBITDA contribution ~$140M/year, IRR dependent on LNG prices.
- **D&C Costs**: Reduced 6-7% in 2025, targeting 5% further in 2026.

**【Q&A Highlights】**
- **Gas Market**: Chile exports stable at 1.2-1.3 million m³/day, gas lifting costs stable.
- **Power Segment**: EBITDA improvement 10-15% in 2026 due to new regulations.
- **M&A Focus**: Prioritizing oil reserves in Vaca Muerta.
- **ENRSA Exposure**: Payment days improved to ~20 days, minimal exposure.
- **Fertilizer Plant**: Project delayed, awaiting supplier prices.

Pampa Energía S.A. (PAM) Q3 2025 Earnings Call Transcript

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