Pampa Energia SA
PAM
ISIN US6976602077 / Valor 2817747
Pampa Energia SA
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About company
Pampa Energía SA is a prominent independent and integrated energy company in Argentina, actively involved in both the electricity and gas sectors. The company holds a 26.2% co-controlling interest in Transportadora de Gas del Sur (TGS), the largest gas transportation company in the country, which operates a 9,248 km-long pipeline network and a natural gas liquids (NGL) plant with a production capacity of 1 million tons per year. In the power transmission sector, Pampa co-controls Transener, managing 86% of Argentina's high voltage transmission grid, spanning 22.4 thousand km of lines. Pampa's oil and gas assets include both operated and non-operated blocks, with an average production of 73.1 thousand barrels of oil equivalent per day, predominantly gas, across 12 productive blocks and 804 wells. In power generation, the company operates an installed capacity of approximately 5,332 MW, accounting for 12% of the nation's total capacity, with plans to expand by an additional 140 MW. Pampa Energía is publicly traded on the New York Stock Exchange under the ticker 'PAM'.
Summarized from source with an LLMView SourceSector: Consumer Non-CyclicalsLatest Results (13.06.2024):
Revenue Decline
In the first quarter of 2024, Pampa Energía reported a 7% year-on-year decrease in sales, totaling US$401 million. This decline was primarily due to lower spot energy and petrochemical prices, reduced gas exports, and decreased crude oil sales. However, these effects were partially offset by an increase in domestic gas sales, driven by higher demand and the commissioning of new production facilities.
Net Profit Increase
Despite the revenue challenges, Pampa Energía achieved a significant increase in net profit, which rose by 89% compared to the first quarter of 2023, reaching US$267 million. This improvement was largely attributed to higher non-cash credit on deferred income tax, resulting from higher inflation rates compared to the devaluation of the Argentine peso. The positive impact from equity income of affiliates also contributed, although it was somewhat offset by impairments and lower sales.
EBITDA Performance
Pampa Energía's adjusted EBITDA for Q1 2024 was US$189 million, marking an 8% decrease from the same period in the previous year. The decline in EBITDA was mainly due to a 22% reduction in power generation, influenced by credit impairments related to invoices from CAMMESA, and a similar reduction in the holding and other segments. However, there were improvements in the oil and gas sector by 14% and a significant 58% increase in the petrochemicals sector.
Debt and Leverage
The company's net debt increased to US$718 million by the end of Q1 2024, resulting in a net leverage ratio of 1.1x. This rise in debt levels was primarily due to substantial delays in payment collections from CAMMESA, which affected the company's cash flow and financial stability.
Operational Highlights
Operationally, Pampa Energía showed robust performance in its gas production, which increased by 27% year-over-year, reaching 73.1 thousand barrels of oil equivalent per day in Q1 2024. Gas constituted 94% of total production, reflecting the company's strategic focus on this segment. Additionally, power generation saw a modest increase of 3%, totaling 5,928 GWh during the quarter.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
4619 M
Market cap (USD)
47,129
Daily traded volume (Shares)
83.5 / 80.83
1 day high/low (USD)
52 weeks high/low (USD)
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