I T r 習題 TOTAL Ch l 017 I H 下 @ yangna This article analyzes Pampa Energia's (NYSE:PAM) (OTCPK:PPENF) 2Q24 results and earnings call. It also reviews the company's valuation and my rating from a Hold in my last article (and consistently since January 2022). The company's operations were marked by little changes, which was in line with expectations from previous articles of stagnation in most of its segments. The two most important developments were tariff adjustments to its equity holdings Transener and TGS ...

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements. The upgrade of Pampa to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the ...

Company Overview - Addex Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel small molecule allosteric modulators for neurological disorders [5] - The company's lead drug candidate, ADX71149, has completed several Phase 2 clinical studies in various conditions including schizophrenia and epilepsy [5] - Addex is also advancing a GABAB PAM program for chronic cough independently, alongside a partnership with Indivior for substance use disorder treatments [5] Product Development - The company announced positive results from its GABAB positive allosteric modulator (PAM) chronic cough program, which will be presented at the Thirteenth London International Cough Symposium [1] - In guinea pig models, the GABAB PAM significantly reduced cough frequency and increased cough latency without showing signs of tolerance after sub-chronic treatment [2] - The GABAB PAM demonstrated a wider safety margin compared to baclofen, a GABAB agonist, which is limited in clinical use due to side effects and short half-life [2][4] Scientific Insights - This is the first time a highly selective GABAB PAM has shown antitussive activity in animal models of cough, indicating its potential as a best-in-class treatment [3] - GABAB receptors are widely expressed in the cough neural circuit, and targeting these receptors with an allosteric modulator is expected to provide advantages such as higher selectivity and better tolerability compared to traditional agonists [4]

Footnote 1: 650 Group: AEC Quarterly Market and Long-Term Forecast Report, June 2024. SOURCE Marvell SANTA CLARA, Calif., June 27, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today introduced the Marvell® Alaska® A 1.6T PAM4 DSP for active electrical cables (AECs), the industry's first 1.6 Tbps AEC DSP to address emerging 200G/lanebased accelerated infrastructure architectures. Artificial intelligence (AI) and machine learning (ML) a ...

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large. Investors should also recognize that PAM has a P/B ratio of 0.82. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liab ...

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Financial Performance - Q1 2024 sales decreased by 7% year-on-year, totaling US$401 million, attributed to lower spot energy and petrochemical prices, as well as reduced gas exports and crude oil sales [5]. - Adjusted EBITDA for Q1 2024 reached US$189 million, an 8% decrease compared to Q1 2023, primarily due to a 22% reduction in power generation [5]. - Net profit attributable to shareholders was US$267 million, representing an 89% increase from Q1 2023, driven by higher non-cash credit on deferred income tax [6]. - Sales revenue for Q1 2024 was AR$ 337,376 million (US$ 401 million), a 302% increase from AR$ 83,915 million (US$ 431 million) in Q1 2023 [27]. - Gross profit for Q1 2024 reached AR$ 122,193 million (US$ 143 million), compared to AR$ 33,377 million (US$ 166 million) in Q1 2023, reflecting a significant increase [27]. - Net income for the period was AR$ 223,796 million (US$ 268 million), a substantial rise from AR$ 26,928 million (US$ 141 million) in the same quarter last year [27]. - The company recorded a net income of US$198 million in Q1 2024, a 106% increase from US$96 million in Q1 2023 [41]. - The total consolidated adjusted EBITDA for Q1 24 was US$189 million, compared to US$206 million in Q1 23, reflecting a decrease in various segments [78]. Debt and Financial Position - Net debt rose to US$718 million, resulting in a net leverage ratio of 1.1x, mainly due to delays in payment collections from CAMMESA [7]. - Financial debt as of March 31, 2024, was US$ 1,563 million, slightly higher than the end of 2023, with net debt amounting to US$ 718 million, which is 17% higher than December 2023 but 21% lower year-on-year [30]. - The average life of financial debt was 2.8 years, with 73% of the debt issued in US dollars at an average coupon of 8.4% [30]. Operational Highlights - The availability of operated units improved to 96.2% in Q1 2024, up from 92.6% in Q1 2023, with thermal availability reaching 95.2% [45]. - Total production in the oil and gas segment reached 73.1 kboe per day in Q1 2024, a 27% increase compared to Q1 2023, driven by higher gas production [54]. - Domestic sales in the oil and gas segment increased by 14% to US$119 million, while foreign market sales fell by 38% to US$31 million [52]. - Total gas production at working interest rose to 68.8 kboe/day, a 31% increase from 52.4 kboe/day in Q1 23 [81]. - Gas production from El Mangrullo increased by 29% to 43.7 kboe/day in Q1 24 [81]. Segment Performance - The power generation segment reported a 11% decrease in adjusted EBITDA to US$ 154 million, while the oil and gas segment saw a 3% decrease to US$ 150 million [39]. - Adjusted EBITDA for the power generation segment was US$85 million, a 22% decrease year-on-year, attributed to lower sales and payment haircut on CAMMESA's January 2024 invoice [49]. - Adjusted EBITDA for oil and gas reached US$70 million in Q1 24, a 14% increase from Q1 23, driven by higher domestic gas sales [65]. - The petrochemicals segment's adjusted EBITDA was US$11 million in Q1 24, a 58% increase year-on-year, mainly due to higher sales of reforming products [67]. - The holding and others segment reported a net loss of US$7 million in Q1 24, compared to a net gain of US$33 million in Q1 23, primarily due to lower FX profit [73]. Regulatory and Market Developments - New permits for gas exports to Chile were approved, allowing an additional 0.6 million m/day from October to December 2024 [13]. - A 675% increase in natural gas transportation tariffs was authorized, effective from April 3, 2024, with a monthly adjustment formula included [17]. - CAMMESA has delayed payments totaling over AR$140 billion for transactions from December 2023 to February 2024, increasing days of sales outstanding to over 120 days [10]. - S&P upgraded CTEB's local scale rating from "A+" to "AA-" in April 2024, reflecting improved operational robustness and solid debt structure [37]. Capital Expenditures and Investments - The company plans to invest AR$27,690 million in infrastructure works in 2024, focusing on safety and reliability [18]. - Capital expenditures in the power generation segment were US$24 million in Q1 2024, significantly lower than US$93 million in Q1 2023, due to the commissioning of PEPE IV [50]. - Installed capacity increased to 5,332 MW, with new capacity additions of 1,630 MW in Q1 24 [80]. - New capacity additions included 287 MW in hydro and 1,343 MW in thermal power plants [80]. Pricing and Cost Trends - The average gas price in Q1 2024 was US$3.2 per MBTU, down 18% from Q1 2023, influenced by lower export volumes to Chile [56]. - The average oil price in Q1 24 was US$69.9 per bbl, with 69% of sales directed to the domestic market, down from 80% in Q1 23 [59]. - Net operating costs in Q1 24 decreased by 11% year-on-year to US$82 million, remaining stable compared to Q4 23, influenced by variations in crude oil stock and lower labor costs [60]. - The lifting cost per boe in Q1 24 was US$5.8, a reduction of 19% year-on-year and 22% quarter-on-quarter, attributed to larger production volumes [61]. - Average gross margin for Q1 24 was US$20/MWh, compared to US$21/MWh in Q1 23 [80]. - Average price for electricity in Q1 24 was US$31/MWh, stable compared to US$32/MWh in Q1 23 [80].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission File Number: 001-34429 PAMPA ENERGÍA S.A. (Exact name of registrant as specified in its charter) Pampa Energy Inc. (Translation of registrant's name into English) Argentina (Jurisdiction of incorporation or organization) Maipú 1 C1084ABA, City of Buenos Aires Argentina (Address of principal ...

Audit Report [Auditor's Opinion](index=2&type=section&id=Opinions%20on%20the%20consolidated%20financial%20statements) The independent auditors issued an unqualified opinion, affirming the fair presentation of Pampa Energía S.A.'s consolidated financial statements as of December 31, 2023, in accordance with IFRS - The auditors concluded that the consolidated financial statements present a fair view of the Group's financial position and performance for the year ended December 31, 2023, in accordance with IFRS[3](index=3&type=chunk) [Key Audit Matters](index=3&type=section&id=Key%20Audit%20matters) Key audit matters included oil and gas reserve estimates, impairment of non-financial assets, and fair value determination in acquisitions and divestments - Estimates of oil and gas reserves were a key audit matter due to their significant impact on the depreciation and recoverability of Property, Plant and Equipment (PPE) and goodwill in the oil and gas segment. These estimates involve numerous uncertainties and subjective judgments[10](index=10&type=chunk)[11](index=11&type=chunk)[14](index=14&type=chunk) - The impairment of non-financial long-lived assets for the Rincón del Mangrullo and el Tordillo / la Tapera cash-generating units was a key focus. Management's analysis led to the recognition of an impairment loss of **$30,456 million** as of December 31, 2023[15](index=15&type=chunk)[17](index=17&type=chunk) - The audit focused on the fair value determination related to the acquisition of an additional interest in the Rincón de Aranda block and the divestment of Greenwind S.A., which involved significant management judgment and complex valuation models[17](index=17&type=chunk) Financial Statements [Consolidated Statement of Comprehensive Income](index=13&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) Revenue more than doubled in 2023, but profit for the year decreased to **$36.7 billion** from **$64.9 billion** in 2022, primarily due to higher income tax expense Key Income Statement Data (in millions of Argentine Pesos) | Indicator | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Revenue** | 513,727 | 242,182 | 144,641 | | **Gross profit** | 193,603 | 92,521 | 53,690 | | **Operating income** | 117,754 | 88,451 | 56,426 | | **Profit of the year** | 36,691 | 64,900 | 23,786 | | **Total comprehensive income** | 1,545,345 | 222,754 | 70,362 | Earnings Per Share | Indicator | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Basic and diluted EPS** | $25.25 | $46.97 | $19.29 | [Consolidated Statement of Financial Position](index=15&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) Total assets significantly increased to **$3.8 trillion** from **$840 billion**, driven by Property, Plant and Equipment, with total equity rising to **$1.95 trillion** Key Balance Sheet Data (in millions of Argentine Pesos) | Indicator | 12.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | **Total non-current assets** | 2,738,024 | 601,881 | | **Total current assets** | 1,079,172 | 238,183 | | **Total assets** | **3,817,196** | **840,064** | | **Total equity** | **1,950,696** | **404,620** | | **Total non-current liabilities** | 1,444,818 | 323,746 | | **Total current liabilities** | 421,682 | 111,698 | | **Total liabilities** | **1,866,500** | **435,444** | [Consolidated Statement of Changes in Equity](index=17&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) Total equity increased to **$1.95 trillion** from **$404.6 billion**, primarily driven by **$1.5 trillion** in other comprehensive income and **$36.7 billion** profit for the year - Total equity grew from **$404.6 billion** at the end of 2022 to **$1,950.7 billion** at the end of 2023[50](index=50&type=chunk)[53](index=53&type=chunk) - The main drivers for the increase in equity during 2023 were the profit for the year (**$36.7 billion**) and other comprehensive income (**$1.5 trillion**)[53](index=53&type=chunk) [Consolidated Statement of Cash Flows](index=19&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) Net cash from operating activities more than doubled to **$177.1 billion**, with significant outflows for PPE acquisitions, resulting in a **$48.7 billion** increase in cash Net Cash Flow Summary (in millions of Argentine Pesos) | Activity | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Net cash from operating activities** | 177,099 | 81,197 | 72,029 | | **Net cash used in investing activities** | (75,354) | (75,055) | (45,793) | | **Net cash used in financing activities** | (53,093) | (5,064) | (31,804) | | **Increase (Decrease) in cash** | 48,652 | 1,078 | (5,568) | - The largest cash outflow was for the acquisition of property, plant, and equipment, amounting to **$194.3 billion** in 2023, a significant increase from **$51.9 billion** in 2022[56](index=56&type=chunk) Notes to the Consolidated Financial Statements [Note 1: General Information](index=20&type=section&id=NOTE%201%3A%20GENERAL%20INFORMATION) Pampa Energía, a fully integrated Argentine power company, operates in a volatile economic environment characterized by GDP decrease, high inflation, and currency depreciation - The company is one of Argentina's largest independent power generators with an installed capacity of **5,332 MW**, representing approximately **12%** of the country's total capacity[58](index=58&type=chunk) - In the oil and gas segment, as of December 31, 2023, production reached **10.3 million m³/day** of natural gas and **4.8 thousand boe/day** of oil[59](index=59&type=chunk) - The Argentine economy faced significant challenges in 2023, with a **1.6% GDP decrease**, **211.4% cumulative inflation (CPI)**, and a **356.3% depreciation** of the peso against the U.S. dollar[69](index=69&type=chunk) [Note 2: Regulatory Framework](index=22&type=section&id=NOTE%202%3A%20REGULATORY%20FRAMEWORK) Operations are heavily influenced by Argentina's complex regulatory framework, including electricity and gas pricing, production incentives, tariff renegotiations, and foreign exchange market restrictions - Generation revenues are derived from multiple regimes: sales contracts with large users (MAT), supply agreements with CAMMESA (under various resolutions), and sales to the Spot market, with remuneration values frequently updated by the Secretary of Energy (SE)[72](index=72&type=chunk) - The GasAr Plan and its successor, the Reinsurance Plan, are key government programs to promote natural gas production, under which the company has committed to significant production volumes through 2028[161](index=161&type=chunk)[172](index=172&type=chunk) - Gas transportation (TGS) and electricity transmission (Transener) tariffs are subject to ongoing renegotiation processes (RTI) with the government, with transitional tariff adjustments being granted periodically[219](index=219&type=chunk)[255](index=255&type=chunk) - Access to the foreign exchange market (MLC) for imports and debt payments is highly regulated by the Central Bank of Argentina (BCRA), with a new import monitoring system (SEDI) replacing the previous SIRA/SIRASE systems in December 2023[264](index=264&type=chunk)[270](index=270&type=chunk) [Note 4: Accounting Policies](index=62&type=section&id=NOTE%204%3A%20ACCOUNTING%20POLICIES) Financial statements adhere to IFRS, using the U.S. dollar as functional currency and Argentine Peso for presentation, with key policies for oil and gas, PPE, and business combinations - The company's functional currency is the U.S. dollar, and the presentation currency is the Argentine Peso, as required by the CNV[307](index=307&type=chunk) - For oil and gas exploration and production activities, the company uses the successful efforts method of accounting, where exploration costs are expensed as incurred, but exploratory well drilling costs are capitalized pending determination of proved reserves[356](index=356&type=chunk)[357](index=357&type=chunk) - Depreciation for productive wells and machinery in the oil and gas segment is calculated using the units of production method based on estimated proved developed reserves[347](index=347&type=chunk) - Business combinations are accounted for using the acquisition method, with identifiable assets and liabilities measured at their fair values on the acquisition date[328](index=328&type=chunk) [Note 5: Group Structure](index=88&type=section&id=NOTE%205%3A%20GROUP%20STRUCTURE) This note details corporate reorganizations, including the 2021 Edenor sale, 2022 VAR acquisition, and 2023 Rincón de Aranda asset swap, alongside interests in associates and joint ventures - In June 2021, the company completed the sale of its **51%** controlling interest in the electricity distributor Edenor[465](index=465&type=chunk)[466](index=466&type=chunk) - On December 16, 2022, the company acquired **100%** of VAR (Arauco II Wind Farm) for a price of **US$171 million**[486](index=486&type=chunk)[487](index=487&type=chunk) - On August 16, 2023, the company acquired the remaining **45%** interest in the Rincón de Aranda block (reaching **100%** ownership) by transferring its **100%** equity stake in Greenwind S.A. (Mario Cebreiro Wind Farm). This transaction resulted in a gain of **$2,485 million** from revaluing the previously held stake and a gain of **$85 million** on the asset swap[495](index=495&type=chunk)[497](index=497&type=chunk)[500](index=500&type=chunk) [Note 6: Risks](index=111&type=section&id=NOTE%206%3A%20RISKS) Critical accounting estimates and financial risks, including market, credit, and liquidity, are managed, with a **23%** leverage ratio and **48%** credit concentration with CAMMESA - The company is exposed to foreign exchange risk, primarily from the Argentine peso. In 2023, the peso devalued by **356.3%** against the USD, resulting in a net foreign exchange gain of **$43.6 billion** for the company[620](index=620&type=chunk) - Credit risk is concentrated with CAMMESA, which accounted for approximately **48%** of the company's trade receivables as of December 31, 2023[635](index=635&type=chunk) - As of December 31, 2023, **95%** of the company's financial debt is at a fixed interest rate, mitigating exposure to interest rate volatility[630](index=630&type=chunk) Leverage Ratio | Indicator | 12.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | Net debt | 580,683 | 163,153 | | Total capital | 2,524,419 | 566,616 | | **Leverage ratio** | **23.00%** | **28.79%** | [Note 7: Segment Information](index=125&type=section&id=NOTE%207%3A%20SEGMENT%20INFORMATION) The company operates in Generation, Oil and Gas, Petrochemicals, and Holding segments, with Generation being the largest contributor to 2023 revenue and operating income 2023 Segment Performance (in millions of US$) | Segment | Revenue | Operating Income | | :--- | :--- | :--- | | Generation | 648 | 272 | | Oil and Gas | 666 | 140 | | Petrochemicals | 507 | 45 | | Holding and others | 14 | (33) | | **Consolidated Total** | **1,732** | **424** | [Note 11: Non-financial Assets and Liabilities](index=139&type=section&id=NOTE%2011%3A%20NON-FINANCIAL%20ASSETS%20AND%20LIABILITIES) Details PPE, intangible assets, inventories, and provisions, noting a substantial increase in PPE to over **$2 trillion** and **$30.5 billion** impairment losses in Oil & Gas - Net book value of Property, Plant and Equipment increased to **$2,056,974 million** as of Dec 31, 2023, from **$383,464 million** in the prior year[684](index=684&type=chunk)[687](index=687&type=chunk) - Impairment losses of **$30,456 million** were recognized in 2023 for the Rincón del Mangrullo and el Tordillo / la Tapera CGUs in the Oil & Gas segment due to rescheduled or suspended future drilling activities[693](index=693&type=chunk)[696](index=696&type=chunk) - Total provisions amounted to **$124.5 billion**, with the largest components being for contingencies (**$88.0 billion**), asset retirement/decommissioning (**$22.2 billion**), and environmental remediation (**$13.3 billion**)[706](index=706&type=chunk)[707](index=707&type=chunk) [Note 12: Financial Assets and Liabilities](index=156&type=section&id=NOTE%2012%3A%20FINANCIAL%20ASSETS%20AND%20LIABILITIES) Financial assets include fair value instruments, while total borrowings significantly increased to **$1.17 trillion** in 2023, primarily non-current USD corporate bonds Borrowings Breakdown (in millions of Argentine Pesos) | Category | 12.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | **Non-Current** | 989,182 | 237,437 | | **Current** | 181,357 | 48,329 | | **Total** | **1,170,539** | **285,766** | - In 2023, the company issued several new series of corporate bonds, including Class 15, 16, 17 (a green bond), and 18, while redeeming others like Series T and Class 11[762](index=762&type=chunk)[764](index=764&type=chunk)[768](index=768&type=chunk)[769](index=769&type=chunk) [Note 13: Equity Components](index=171&type=section&id=NOTE%2013%3A%20EQUITY%20COMPONENTS) Details share capital changes, including a capital reduction by canceling **20.1 million** shares, resulting in **$25.25** basic and diluted EPS for 2023 - On April 26, 2023, the Shareholders' Meeting approved a capital reduction through the cancellation of **20.1 million** shares[799](index=799&type=chunk) Earnings Per Share Calculation | Indicator | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Earning attributable to equity holders | 34,488 | 64,859 | 27,097 | | Weighted average outstanding shares | 1,366 | 1,381 | 1,405 | | **Basic and diluted EPS** | **$25.25** | **$46.97** | **$19.29** | [Note 18: Investment Commitments](index=186&type=section&id=NOTE%2018%3A%20INVESTMENT%20COMMITMENTS) Significant investment commitments include the **US$500 million** PEPE VI Wind Farm (300 MW) and **US$217 million** for hydrocarbon exploration and exploitation through 2027 - Construction began on the PEPE VI Wind Farm in February 2023, a **300 MW** project with an estimated total investment of **US$500 million**. Stage 1 (**94.5 MW**) is expected to be operational in mid-2024[840](index=840&type=chunk)[841](index=841&type=chunk) - The company has committed to hydrocarbon investments of approximately **US$217 million** through 2027[845](index=845&type=chunk) [Note 24: Subsequent Events](index=192&type=section&id=NOTE%2024%3A%20SUBSEQUENT%20EVENTS) Post-year-end, the Secretary of Energy approved a **73.9%** increase in remuneration values for spot energy generation, effective February 2024 - On February 8, 2024, SE Resolution No. 9/23 updated remuneration for spot energy generation, providing a **73.9%** increase effective from February 2024[873](index=873&type=chunk)

Financial Data and Key Metrics Changes - EBITDA fell 12% year-on-year, primarily due to reduced gas sales and the impact of peso depreciation on affiliates [4][8] - Net debt reached $613 million, marking the lowest level in years, with a significant reduction in net cash of $129 million in the quarter [5][14] - Adjusted EBITDA for Q4 amounted to $129 million, a 30% decrease year-on-year, influenced by soft demand and peso devaluation [23] Business Line Data and Key Metrics Changes - The E&P business posted an adjusted EBITDA of $50 million in Q4, down 30% year-on-year due to a sharp decline in demand affecting gas prices [12] - Power generation achieved an adjusted EBITDA of $94 million in Q4, a 10% increase year-on-year, attributed to lower operating costs and new PPAs [9] - Shale gas production represented 47% of total gas production in Q4, a significant increase from nearly 3% the previous year [6] Market Data and Key Metrics Changes - Q4 gas production decreased by 7% year-on-year, averaging almost 9 million cubic meters per day, primarily due to lower demand [29] - The average price for gas in Q4 stood at $3.2 per million BTU, a 17% decline due to lower-than-expected exports [29] - Power dispatch decreased by 3% year-on-year, with take-or-pay capacity reaching 93%, down from 97% the previous year [10] Company Strategy and Development Direction - The company aims to diversify its production by incorporating shallow oil from Rincon de Aranda while focusing on gas production [3] - Significant investments are planned for E&P, with a CapEx budget of around $700 million for 2024, including $500 million for new wells and infrastructure [36] - The company is actively involved in the development of LNG projects, recognizing the importance of natural gas exports for long-term growth [40] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by mild weather and the impact of peso depreciation on financial results, emphasizing the need for strategic adjustments [22][24] - The outlook for 2024 includes a projected 30% increase in natural gas sales compared to 2023, with expectations of improved production capabilities from new wind farms [33][34] - Management expressed optimism about the company's financial position, noting a significant reduction in net debt and strong cash flow generation [74][88] Other Important Information - The company recorded a cash outflow of $95 million in Q4, primarily due to expansionary CapEx in shale gas [30] - The PEPE VI wind farm project is progressing well, with 69% completion and expected to add 140 megawatts of capacity [27] - The company is experiencing delays in CAMMESA payments, which adds uncertainty to working capital needs [41][77] Q&A Session Summary Question: How do you see upstream production and sales evolving in 2024? - The company expects a 30% increase in natural gas sales in 2024 compared to 2023, averaging around 13.5 million cubic meters per day [33] Question: How do you see power generation sales and prices evolving in 2024? - Power generation sales are expected to increase due to the new wind farm coming online, with remuneration anticipated to remain relatively flat despite inflation [34] Question: Can you walk us through Pampa's 2024 CapEx budget for each of the business segments? - The CapEx plan is around $700 million, with $500 million allocated to E&P and $200 million for power generation, including significant investments in the PEPE VI wind farm [36][55] Question: Is the company interested in participating in LNG projects being discussed in Argentina? - The company is interested in participating in LNG projects, recognizing the importance of natural gas exports for Argentina [40] Question: Could you comment on what Pampa is experiencing regarding CAMMESA payments? - The company is facing delays in CAMMESA payments, which is causing uncertainty and stress regarding working capital needs [41][77] Question: What are your expectations for gas export to Chile during winter? - The company expects to fully supply the capped export to Chile through the GasAndes pipeline during winter [45] Question: Can you explain how Plan Gas works during off-peak season? - The company can export surplus gas to Chile, but there is a cap on transportation capacity during off-peak season [70]