Pampa Energia(US:PAM)2025-11-04 20:41Financial Performance - Q3 25 sales reached US$591 million, a 9% year-on-year increase driven by higher crude oil production and increased gas exports to Chile [4]. - Adjusted EBITDA for Q3 25 was US$322 million, reflecting a 16% year-on-year increase, primarily due to strong contributions from Rincón de Aranda [6]. - Net income attributable to shareholders was US$23 million, an 84% decrease compared to Q3 24, mainly due to higher non-cash deferred tax charges [7]. - Total adjusted sales for Q3 25 reached $591 million, a 9% increase from $540 million in Q3 24 [34]. - Financial results for Q3 25 showed net losses of $47 million, a 96% increase in losses compared to Q3 24, mainly due to higher FX losses [48]. - Pampa's net income for Q3 2025 was $23 million, compared to $146 million in Q3 2024 [79]. - Net income for the nine-month period was $216 million, a substantial decline of 57.9% from $513 million in 2024 [81]. Production and Sales - Crude oil production increased by 220% year-on-year to 17.3 kbpd, while total oil and gas production rose by 14% to 99.5 kboe/day [5]. - The oil and gas segment reported sales of $308 million in Q3 25, up 35% from $228 million in Q3 24, driven by strong crude oil production growth [36]. - Gas production averaged 14.0 mcmpd in Q3 25, flat compared to Q3 24, but up 8% from Q2 25 [38]. - Oil production surged to 17.3 kbpd in Q3 25, a 3.2x increase year-on-year, primarily due to the ramp-up of shale oil output at Rincón de Aranda [43]. - Total volume sold in the petrochemicals segment reached 122 thousand tons in Q3 2025, a decrease of 4% compared to Q3 2024 [61]. - Total gas production at working interest decreased by 4% year-over-year to 76.0 kboe/day in the nine-month period of 2025 [85]. - Total oil production at working interest increased by 89% year-over-year to 9.6 kboe/day in the nine-month period of 2025 [85]. Capital Expenditures and Investments - Capital expenditures for Q3 25 totaled US$267 million, a 5.8x increase year-on-year, with 65% allocated to the development of Rincón de Aranda [50]. - The company invested $751 million in property, plant, and equipment during the nine-month period, compared to $350 million in 2024 [83]. - The company approved a share repurchase program for up to US$100 million, with 0.8 million ADRs repurchased at an average price of US$58.8 [30]. Debt and Financial Position - Net debt as of September 2025 totaled US$874 million, with a net-debt to EBITDA ratio of 1.3x, which improved to 1.1x after the quarter's closing [8]. - Pampa's total financial debt under IFRS as of September 30, 2025, was US$1,755 million, a 16% decrease from year-end 2024 [71]. - The average maturity of Pampa's debt was extended to 5.6 years through proactive liability management [72]. - Pampa's total liabilities decreased to $2,795 million as of September 30, 2025, from $3,050 million at the end of 2024 [80]. Power Generation - Pampa's gross margin for power generation increased by 17% to US$26.5/MWh, despite a 9% decrease in generation volume [5]. - Power generation sales revenue increased by 12% year-on-year to US$205 million in Q3 25, primarily due to higher revenue from fuel self-procurement during the winter peak [51]. - Adjusted EBITDA for the power generation segment was US$120 million in Q3 25, an 8% increase from Q3 24 and a 7% increase from Q2 25, supported by gas self-management and additional seasonal remuneration [58]. - The average price for power generation in Q3 25 was US$43 per MWh, reflecting a 21% increase compared to Q3 24 [55]. - The total availability of Pampa's operated units was 94.0% in Q3 25, down from 96.7% in Q3 24, mainly due to programmed maintenance and forced outages [54]. Petrochemicals Segment - Petrochemicals segment sales revenue decreased by 16% to US$329 million in the nine-month period of 2025 compared to 2024, with a Q3 decline of 18% to US$115 million [60]. - Domestic sales in the petrochemicals segment fell by 23% to US$190 million for the nine-month period, with a significant Q3 drop of 35% to US$59 million [60]. - Adjusted EBITDA for the petrochemicals segment recorded a loss of US$6 million in Q3 2025, down from a profit of US$2 million in Q3 2024, primarily due to weaker domestic demand and lower international prices [60]. Market Outlook - The company anticipates a 6% increase in sales for 2025 compared to 2024, reaching 16,657 GWh [84]. - Average price for 2025 is expected to be $93 US$/MWh, up from $81 US$/MWh in 2024 [84]. - Gross margin for 2025 is forecasted at $50 US$/MWh, a decrease from $56 US$/MWh in 2024 [84]. - Market share for the company is projected to be 12.8% in 2025, up from 12% in the previous year [84].