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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PAM

PAM fundamentals

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