Core Insights - TGS has secured a 4D streamer contract in the Campos basin, offshore Brazil, with a survey scheduled for the second half of 2026 lasting approximately 75 days [1][2]. Company Overview - TGS is a leading provider of energy data and intelligence, offering advanced technology and solutions across the entire energy value chain [3]. - The company utilizes proprietary GeoStreamer technology and purpose-built Ramform vessels to deliver high-quality data for optimizing production in the energy sector [2][3]. Contract Details - The awarded contract is for an independent energy company in Brazil, emphasizing TGS's capability to maintain industry-leading acquisition efficiency [2]. - The mobilization of the Ramform vessel for the survey is planned for the latter half of 2026 [1].

Transportadora De Gas Sa Ord B (TGS) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, TGS's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most common moving ...

Core Insights - TGS has secured its first OBN contract for the 2026 season in Europe, with mobilization scheduled for early May 2026 and a contract duration of approximately 60 days [1][2]. Company Overview - TGS is a leading provider of energy data and intelligence, offering advanced data technologies and solutions across the entire energy value chain [3]. - The company aims to build a robust acquisition campaign in Europe, capitalizing on several tenders for OBN projects planned for 2026 [2][3]. Technology and Execution - TGS's OBN technology has been recognized by a valued repeat customer, highlighting the company's proven track record in project execution and ability to deliver high-quality data on time [2].

Core Insights - TGS has secured a five-year extension of contracts for Permanent Reservoir Monitoring (PRM) and 4D Ocean Bottom Node (OBN) surveys with a major international energy company, lasting until 2030 with options for an additional five years [1][2] Company Overview - TGS is a leading provider of energy data and intelligence, offering advanced technology and solutions across the entire energy value chain, which supports exploration and production of energy resources globally [3] CEO Commentary - The CEO of TGS expressed satisfaction with the contract renewal, highlighting that it ensures continuity in PRM and source business, and emphasizes the high quality and cost-effectiveness of their seismic services [2]

Core Insights - TGS has announced the Pelotas Norte Phase I multi-client 3D survey in the Pelotas Basin, covering approximately 14,800 square kilometers across 21 exploration blocks, primarily in un-held acreage expected to be included in upcoming bid rounds [1][3] Project Details - A Ramform Titan-class vessel will mobilize for the survey later in Q4 2025, with the project expected to run into Q3 2026, utilizing TGS GeoStreamer technology for high-resolution 3D seismic data [2] - The Pelotas Basin is characterized by early basin carbonates and passive margin clastic sequences, with three organic-rich intervals from Albian, Turonian, and Paleocene ages, attracting significant industry interest due to geological similarities with West Africa [3] Industry Context - CEO Kristian Johansen highlighted the acceleration of exploration activity in the Pelotas Norte Basin, with major oil companies increasing their presence, and emphasized that the survey will enhance seismic coverage and assist clients in understanding geological structures [4] - The addition of Pelotas Norte Phase I brings the total number of Ramform Titan-class vessels operating offshore Brazil to three for the remainder of 2025 and into 2026 [4]

Core Insights - Transportadora de Gas del Sur (TGS) reported strong quarterly results driven by the reopening of the Cerri Complex and increased liquids exports from Vaca Muerta [1] Company Performance - The reopening of the Cerri Complex significantly contributed to TGS's quarterly performance [1] - The boom in liquids exports from Vaca Muerta has positively impacted TGS's financial results [1] Investment Considerations - The company is characterized by good cash flow generation, growing income, and healthy margins [1] - TGS has a solid asset base and sustainable debt levels, making it an attractive investment opportunity [1]

Revenue Performance - Total revenues for the nine-month period ended September 30, 2025, increased by Ps. 93,597 million, or 8.8%, compared to the same period in 2024, reaching Ps. 1,156,194 million[15]. - Revenues from the Natural Gas Transportation segment accounted for 42% of total revenues in 9M2025, with an increase of Ps. 113,706 million, or 30.4%, totaling Ps. 488,348 million[17][20]. - Liquids Production and Commercialization revenues decreased by Ps. 55,932 million, or 11.5%, to Ps. 429,204 million, representing 37% of total revenues[25][26]. - Midstream revenues increased by Ps. 35,823 million in 9M2025 compared to 9M2024, driven by higher natural gas transportation and conditioning services[32]. - Total revenues for 3Q2025 reached Ps. 426,518 million, an increase of Ps. 88,591 million or 26.2% compared to 3Q2024[42][44]. - The Liquids Production and Commercialization segment saw revenues rise by Ps. 70,423 million, driven by increased volumes and domestic prices[47]. - For the nine-month period ended September 30, 2025, total revenues reached Ps. 1,144,610,999, an increase from Ps. 1,048,180,095 in the same period of 2024, reflecting a growth of approximately 9.2%[140]. - Total revenues from Natural Gas Transportation services for the nine-month period ended September 30, 2025, were Ps. 488,347,656, compared to Ps. 374,641,517 in 2024, marking an increase of approximately 30.4%[140]. - Total revenues from Liquids Production and Commercialization for the nine-month period ended September 30, 2025, were Ps. 417,620,460, compared to Ps. 470,718,499 in 2024, indicating a decrease of about 11.3%[140]. Financial Results - The company recorded a total comprehensive income of Ps. 275,227 million, a decrease of Ps. 18,129 million, or 6.2%, compared to the previous year[15]. - Financial results for 9M2025 showed a total loss of Ps. 49,211 million, a significant decline compared to a profit of Ps. 19,074 million in 2024, primarily due to higher foreign exchange losses[36][37]. - Operating profit for 3Q2025 was Ps. 172,026 million, reflecting a 24.2% increase from Ps. 138,459 million in 3Q2024[42][43]. - Total comprehensive income for 3Q2025 was Ps. 112,059 million, a 62.9% increase from Ps. 68,802 million in 3Q2024[43][44]. - The company reported a net financial loss of 49,211,068 thousand pesos for the nine-month period ended September 30, 2025, compared to a net financial gain of 19,073,623 thousand pesos in 2024[69]. - The total financial results for the nine-month period ended September 30, 2025, showed a loss of Ps. 49,211,068, contrasting with a profit of Ps. 19,073,623 in the same period of 2024[159]. Costs and Expenses - The net cost of sales increased by Ps. 22,873 million, or 4.5%, totaling Ps. 531,923 million, while gross profit rose by Ps. 70,724 million, or 17.8%, to Ps. 624,775 million[15][33]. - The cost of sales for the nine-month period ended September 30, 2025, was Ps. 531,923,146, up from Ps. 509,050,248 in 2024, representing an increase of approximately 4.5%[140]. - The administrative expenses for the nine-month period ended September 30, 2025, totaled Ps. 40,695,136, compared to Ps. 43,468,072 in 2024, showing a decrease of about 6.3%[140]. - Operating expenses for the nine-month period ended September 30, 2025, totaled ARS 737,794,732, significantly higher than ARS 181,220,463 in 2024[157]. Cash Flow and Liquidity - Cash flows from operating activities increased to Ps. 411,003 million, up by Ps. 22,317 million from 9M2024, attributed to lower working capital despite higher income tax payments[39][40]. - The company reported a net increase in cash and cash equivalents of Ps. 13,695 million during 9M2025, despite a decline from the previous year[39][40]. - Cash flows provided by operating activities increased to 411,003,010 thousand pesos in 2025 from 388,685,926 thousand pesos in 2024, reflecting a growth of 5.7%[76]. - Cash and cash equivalents as of September 30, 2025, were ARS 73,030,151, a marginal decrease from ARS 73,140,992 at the end of 2024[148]. - The company reported a significant increase in government grants, totaling ARS 11,583,102 for the nine-month period ended September 30, 2025, compared to ARS 14,417,202 in 2024[154]. Assets and Liabilities - Non-current assets as of September 30, 2025, were valued at Ps. 2,916,417,221 million, showing stability compared to previous periods[54]. - Total assets as of September 30, 2025, amounted to 4,104,978,778 thousand pesos, a slight decrease from 4,139,887,141 thousand pesos at the end of 2024[71]. - Total liabilities as of September 30, 2025, were ARS 138,149,038, reflecting the company's ongoing financial commitments[149]. - Non-current liabilities increased to 1,000,933,899 thousand pesos as of September 30, 2025, compared to 966,043,680 thousand pesos at the end of 2024[71]. - Total current assets as of September 30, 2025, were Ps. 1,074,778,222, with cash and cash equivalents amounting to Ps. 73,030,151[192]. Tariff Adjustments and Regulatory Changes - The company implemented a series of tariff adjustments, including an initial increase of 3.67% as part of the Five-Year Tariff Review for the 2025–2030 period[18][19]. - The company concluded the Five-Year Tariff Review process, which defined the initial tariff increase and the investment and expenditure plan for the period 2025-2030[130]. - The 5YTR established by ENARGAS for the period 2025-2030 includes a periodic tariff adjustment mechanism based on the Consumer Price Index (CPI) and the Wholesale Price Index (IPIM)[199]. - The Secretariat of Energy will oversee modifications to contracts or licenses regarding tariffs, with a new monthly periodic updating of transportation tariffs introduced on June 4, 2025[200]. Economic Context - The Argentine economy showed a year-over-year GDP growth of 6.3% despite a quarter-over-quarter contraction of 0.1% in Q3 2025[95]. - Accumulated inflation as of September 30, 2025, was 22%, with a year-over-year Consumer Price Index increase of 31.8%[96]. - The company is committed to monitoring economic variables that may impact its operations and financial situation amid ongoing macroeconomic challenges[107].

Core Insights - TGS and Chevron have signed a three-year capacity agreement for marine streamer and OBN acquisition services, with a minimum commitment of 18 months for these services [1] - The agreement aims to enhance collaboration on seismic acquisition projects and technology development across various geophysical areas [1][2] - The St Malo 4D OBN reservoir monitoring contract in the Gulf of America will be included in this agreement, initiating immediate collaboration [1] Company Overview - TGS provides advanced data and intelligence to the energy sector, utilizing leading-edge technology and a comprehensive data library to support exploration and production [3] - The company emphasizes its role as a trusted partner in the energy industry, offering insights that help clients make informed decisions [3]

Financial Data and Key Metrics Changes - The total net income for Q3 2025 was ARS 112 billion, up from ARS 68.8 billion in Q3 2024, primarily driven by improved performance in the liquids business and midstream segment [6][8] - EBITDA for natural gas transportation decreased to ARS 102.4 billion from nearly ARS 113 billion in Q3 2024, reflecting tariff adjustments that were insufficient to offset inflation impacts [7][8] - EBITDA for the liquids segment tripled to ARS 55.2 billion in Q3 2025, compared to ARS 18.2 billion in Q3 2024, due to increased export volumes and higher prices [8][9] Business Line Data and Key Metrics Changes - The liquids segment saw a significant increase in EBITDA, attributed to higher export volumes rising from 43,000 to 104,000 metric tons and increased ethane sales [9][10] - The midstream and other services segment's EBITDA rose to ARS 61.2 billion from ARS 46.7 billion in Q3 2024, driven by higher sales from increased natural gas volumes transported [11] Market Data and Key Metrics Changes - The average transported natural gas billable volume increased from 29 million cubic meters per day in Q3 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from $3.1 to $3.4 per million BTU, negatively impacting EBITDA by ARS 4.3 billion [10] Company Strategy and Development Direction - The company plans to invest $560 million to expand the Perito Moreno pipeline's capacity and an additional $220 million for regulated pipelines between Saliceto and Greater Buenos Aires [4][5] - TGS is evaluating participation in a new gas pipeline project to supply gas to LNG facilities planned by CESA Southern Energy [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the current production levels are extraordinary due to the richness of the gas stream from Vaca Muerta, which is expected to remain substantial in the coming years [20] - However, it was indicated that gas production typically decreases in the fourth quarter compared to the third quarter, which may affect overall output [20] Other Important Information - The cash position increased by 22% to ARS 875 billion, approximately $638 million at the official exchange rate [12] - The company recorded a positive variation in financial results amounting to ARS 31.1 billion, mainly due to increased income from financial assets [12] Q&A Session Summary Question: Breakdown of the $780 million capex for the expansion project - The company expects to spend $150 million this year, $450 million in 2026, and the remaining $27 million in the first five months of 2027 [16] Question: Status of the insurance claim for the Complejo Cerri event - The expected recovery amount is over $50 million, with $10 million anticipated this year and the remainder in the following year [18] Question: Sustainability of current production and margins in the liquids segment - Current production levels are extraordinary, but lower gas production is expected in Q4 compared to Q3, which may affect margins [20] Question: Acceleration of cash capex deployment until year-end - Cash capex is expected to be higher than previous levels, with significant spending anticipated in the last quarter [23] Question: Expected income tax payments in the next quarter - Income tax payments in Q4 are expected to be similar to those in Q3 [27] Question: FID for the NGL fractionation facility - The company is working hard on the project, with FID expected in the first quarter of next year [28] Question: Participation in the NGL project with partners - The company aims to have partners in the liquids project, particularly in transportation and fractionation [30] Question: Further midstream segment synergy by 2027 - The company expects to benefit from increased transport capacity in the midstream business due to the expansion [31]

Financial Data and Key Metrics Changes - The total net income for Q3 2025 was ARS 112 billion, up from ARS 68.8 billion in Q3 2024, primarily driven by improved performance in the liquids business and midstream segment [6][8] - EBITDA for natural gas transportation decreased to ARS 102.4 billion from nearly ARS 113 billion in Q3 2024, with a decline of ARS 10.5 billion attributed to insufficient tariff adjustments to offset inflation [7][8] - EBITDA for the liquids segment tripled to ARS 55.2 billion in Q3 2025 from ARS 18.2 billion in Q3 2024, driven by increased export volumes and higher prices [9][10] - The cash position increased by 22% to ARS 875 billion, approximately $638 million at the official exchange rate [12][13] Business Line Data and Key Metrics Changes - The liquids segment saw a significant increase in EBITDA, primarily due to higher export volumes rising from 43,000 to 104,000 metric tons [9] - The midstream and other services segment's EBITDA rose to ARS 61.2 billion from ARS 46.7 billion in Q3 2024, driven by increased billable volumes of natural gas transported [11] Market Data and Key Metrics Changes - The average transported natural gas billable volume increased from 29 million cubic meters per day in Q3 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from $3.1 to $3.4 per million BTU, negatively impacting EBITDA by ARS 4.3 billion [10] Company Strategy and Development Direction - TGS plans to invest $560 million to expand the Perito Moreno pipeline's capacity and an additional $220 million for regulated pipelines between Saliceto and Greater Buenos Aires [4][5] - The company is evaluating participation in a new gas pipeline project to supply LNG facilities planned for completion by 2027-2028 [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the current high levels of production and margins in the liquids segment may not be sustainable into Q4 2025, with expectations of lower gas production [20][21] - The company anticipates that international liquid prices may decrease in 2026 compared to the current year [21] Other Important Information - The company is expecting to recover over $50 million from insurance claims related to the Complejo Cerri event, with partial payments expected this year [18] - CapEx for the expansion project is expected to be higher, with $150 million planned for this year, primarily in Q4 [23] Q&A Session Summary Question: Breakdown of the $780 million CapEx for the expansion project - Management indicated that $150 million is expected to be spent this year, $450 million in 2026, and the remaining $27 million in early 2027 [16] Question: Status of insurance claims for the Complejo Cerri event - The estimated recovery amount is over $50 million, with $10 million expected this year and the remainder in the following year [18] Question: Sustainability of current production and margins in the liquids segment - Management stated that while current production levels are extraordinary, they may not be sustainable into Q4 due to seasonal variations [20][21] Question: Acceleration of cash CapEx deployment until year-end - Management confirmed that cash CapEx is expected to be higher than previous levels due to the ongoing expansion project [23] Question: Expected income tax payments in the next quarter - Management indicated that income tax payments in Q4 are expected to be similar to those in Q3 [27] Question: FID for the fractionation facility regarding liquids - Management is working hard on the project, with FID expected in Q1 of the following year [28] Question: Participation in the NGL project and potential partnerships - Management is considering partnerships for the liquids project, particularly in transportation and fractionation [30] Question: Synergies in the midstream segment by 2027 - Management confirmed that the midstream business will benefit from increased transport capacity and volumes [31]