Pampa Energ铆a Announces Second Quarter 2025 Results: Shale Oil Ramp-up, Gas Production Record
Pampa Energ铆a (NYSE:PAM) reported Q2 2025 financial results, with sales reaching US$486 million, marking a 3% year-over-year decline. The company's performance was impacted by lower gas deliveries and declining petrochemical and crude oil prices, partially offset by contributions from PEPE 6 wind power and increased export volumes.
Key financial metrics include Adjusted EBITDA of US$239 million (down 17% YoY) and net income of US$40 million (60% decrease YoY). The company maintained a healthy balance sheet with a net debt of US$712 million and a net debt-to-EBITDA ratio of 1.1x. Operationally, crude oil production increased by 47% to 8.0 kbpd, while gas production decreased 11% to 76.1 kboepd.
Pampa Energ铆a (NYSE:PAM) ha comunicato i risultati finanziari del secondo trimestre 2025, con vendite pari a 486 milioni di dollari USA, segnando un calo del 3% rispetto allo stesso periodo dell'anno precedente. Le prestazioni dell'azienda sono state influenzate da una riduzione nelle consegne di gas e dal calo dei prezzi dei prodotti petrolchimici e del petrolio greggio, parzialmente compensate dai contributi del parco eolico PEPE 6 e dall'aumento dei volumi esportati.
I principali indicatori finanziari includono un EBITDA rettificato di 239 milioni di dollari USA (in calo del 17% su base annua) e un utile netto di 40 milioni di dollari USA (diminuito del 60% rispetto all'anno precedente). L'azienda ha mantenuto un bilancio solido con un debito netto di 712 milioni di dollari USA e un rapporto debito netto/EBITDA pari a 1,1x. Dal punto di vista operativo, la produzione di petrolio greggio 猫 aumentata del 47%, raggiungendo 8,0 kbpd, mentre la produzione di gas 猫 diminuita dell'11%, attestandosi a 76,1 kboepd.
Pampa Energ铆a (NYSE:PAM) inform贸 los resultados financieros del segundo trimestre de 2025, con ventas que alcanzaron los 486 millones de d贸lares estadounidenses, lo que representa una disminuci贸n del 3% interanual. El desempe帽o de la compa帽铆a se vio afectado por menores entregas de gas y la ca铆da de los precios de petroqu铆micos y petr贸leo crudo, parcialmente compensados por las contribuciones de la energ铆a e贸lica PEPE 6 y el aumento en los vol煤menes de exportaci贸n.
Las m茅tricas financieras clave incluyen un EBITDA ajustado de 239 millones de d贸lares (una ca铆da del 17% interanual) y un ingreso neto de 40 millones de d贸lares (una disminuci贸n del 60% interanual). La empresa mantuvo un balance saludable con una deuda neta de 712 millones de d贸lares y una relaci贸n deuda neta a EBITDA de 1,1x. Operativamente, la producci贸n de petr贸leo crudo aument贸 un 47% hasta 8,0 kbpd, mientras que la producci贸n de gas disminuy贸 un 11% hasta 76,1 kboepd.
Pampa Energ铆a (NYSE:PAM)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頄堨溂氅�, 毵れ稖鞚� 4鞏� 8,600毵� 雼煬搿� 鞝勲厔 霃欔赴 雽�牍� 3% 臧愳唽頄堨姷雼堧嫟. 須岇偓鞚� 鞁れ爜鞚� 臧�鞀� 瓿店笁 臧愳唽鞕� 靹濎湢頇旐暀 氚� 鞗愳湢 臧�瓴� 頃橂澖鞚� 鞓來枼鞚� 氚涭晿鞙茧倶, PEPE 6 頀嶋牓 氚滌爠瓿� 靾橃稖霟� 歃濌皜臧� 鞚茧秬 靸侅噭頄堨姷雼堧嫟.
欤检殧 鞛 歆�響滊電� 臁办爼 EBITDA臧� 2鞏� 3,900毵� 雼煬(鞝勲厔 雽�牍� 17% 臧愳唽)鞚措┌, 靾滌澊鞚奠潃 4,000毵� 雼煬(鞝勲厔 雽�牍� 60% 臧愳唽)鞛呺媹雼�. 須岇偓電� 7鞏� 1,200毵� 雼煬鞚� 靾滊秬毂�鞕� 1.1氚办潣 靾滊秬毂� 雽�牍� EBITDA 牍勳湪鞚� 鞙犾頃橂┌ 瓯挫爠頃� 鞛 靸來儨毳� 鞙犾頄堨姷雼堧嫟. 鞖挫榿 旄‰┐鞐愳劀電� 鞗愳湢 靸濎偘霟夓澊 47% 歃濌皜頃橃棳 8.0 kbpd鞐� 霃勲嫭頄堨溂氅�, 臧�鞀� 靸濎偘霟夓潃 11% 臧愳唽頃橃棳 76.1 kboepd毳� 旮半頄堨姷雼堧嫟.
Pampa Energ铆a (NYSE:PAM) a publi茅 ses r茅sultats financiers pour le deuxi猫me trimestre 2025, avec des ventes atteignant 486 millions de dollars US, soit une baisse de 3 % en glissement annuel. La performance de l'entreprise a 茅t茅 impact茅e par une baisse des livraisons de gaz et des prix des produits p茅trochimiques et du p茅trole brut, partiellement compens茅e par les contributions de l'茅nergie 茅olienne PEPE 6 et l'augmentation des volumes d'exportation.
Les principaux indicateurs financiers incluent un EBITDA ajust茅 de 239 millions de dollars US (en baisse de 17 % sur un an) et un r茅sultat net de 40 millions de dollars US (diminution de 60 % sur un an). L'entreprise a maintenu un bilan sain avec une dette nette de 712 millions de dollars US et un ratio dette nette/EBITDA de 1,1x. Sur le plan op茅rationnel, la production de p茅trole brut a augment茅 de 47 % pour atteindre 8,0 kbpd, tandis que la production de gaz a diminu茅 de 11 % pour s'茅tablir 脿 76,1 kboepd.
Pampa Energ铆a (NYSE:PAM) meldete die Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Umsatz von 486 Millionen US-Dollar, was einem R眉ckgang von 3 % im Jahresvergleich entspricht. Die Leistung des Unternehmens wurde durch geringere Gaslieferungen und sinkende Preise f眉r Petrochemikalien und Roh枚l beeintr盲chtigt, teilweise ausgeglichen durch Beitr盲ge aus dem Windkraftprojekt PEPE 6 und gestiegene Exportmengen.
Wichtige Finanzkennzahlen umfassen ein bereinigtes EBITDA von 239 Millionen US-Dollar (minus 17 % im Jahresvergleich) und einen Nettoertrag von 40 Millionen US-Dollar (R眉ckgang um 60 % im Jahresvergleich). Das Unternehmen behielt eine gesunde Bilanz mit einer Nettoverschuldung von 712 Millionen US-Dollar und einem Netto-Schulden-zu-EBITDA-Verh盲ltnis von 1,1x bei. Operativ stieg die Roh枚lproduktion um 47 % auf 8,0 kbpd, w盲hrend die Gasproduktion um 11 % auf 76,1 kboepd zur眉ckging.
- Crude oil production increased significantly by 47% year-over-year
- Power generation gross margin improved by 5% to US$25.8/MWh
- Petrochemical sales volume grew 12% to 125k tons
- Healthy leverage with net debt-to-EBITDA ratio of 1.1x
- Increased export volumes across gas, crude and reformer products
- Sales declined 3% year-over-year to US$486 million
- Net income dropped 60% to US$40 million
- Adjusted EBITDA decreased 17% to US$239 million
- Gas production fell 11% to 76.1 kboepd
- Average oil prices declined 14% to US$61.6/bbl
- Petrochemical prices decreased 18% to US$978/ton
Insights
Pampa Energ铆a reported mixed Q2 2025 results with declining revenue and profit despite positive developments in oil production and wind power.
Pampa Energ铆a's Q2 2025 financial results reveal a challenging quarter with sales decreasing 3% year-over-year to
The adjusted EBITDA of
Despite these challenges, there are several bright spots in the operational results. Crude oil production increased dramatically by
The balance sheet shows increasing financial leverage, with net debt reaching
The shift in production mix toward higher-margin crude oil from lower-margin gas represents a strategic positive, though this transition period has resulted in temporary financial pressure as reflected in the quarterly results.
BUENOS AIRES, ARGENTINA / / August 6, 2025 / Pampa Energ铆a S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in Argentine oil, gas and electricity, announces the results for the six-month period and quarter ended on June 30, 2025.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of June 30, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.
Second quarter 2025 ('Q2 25') main results1
Sales recorded US
During Q2 25, oil production rose at Rinc贸n de Aranda and wind power generation achieved a high load factor.
Pampa's main operational KPIs | Q2 25 | Q2 24 | Variation | ||||||||||
Oil and gas | Production (k boe/day) | 84.1 | 90.8 | -7 | % | ||||||||
Gas production (kboepd) | 76.1 | 85.4 | -11 | % | |||||||||
Crude oil production (kbpd) | 8.0 | 5.4 | +47 | % | |||||||||
Average gas price (US$/MBTU) | 4.0 | 4.0 | -1 | % | |||||||||
Average oil price (US$/bbl) | 61.6 | 71.8 | -14 | % | |||||||||
Power | Generation (GWh) | 4,704 | 5,067 | -7 | % | ||||||||
Gross margin (US$/MWh) | 25.8 | 24.7 | +5 | % | |||||||||
Petrochemicals | Volume sold (k ton) | 125 | 111 | +12 | % | ||||||||
Average price (US$/ton) | 978 | 1,199 | -18 | % | |||||||||
Adjusted EBITDA reached US
Net income attributable to shareholders was US
Net debt totaled US
1 The information is based on financial statements ('FS') prepared according to International Financial Reporting Standards ('IFRS') in force in Argentina.
2 Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as 'Results for participation in joint businesses and associates.'
3 Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.
Consolidated balance sheet
(As of June 30, 2025 and December 2024, in millions)
As of 06.30.2025 | As of 12.31.2024 | |||||||||||||||
Figures in million | AR$ | US$ | AR$ | US$ | ||||||||||||
ASSETS | ||||||||||||||||
Property, plant and equipment | 3,519,259 | 2,921 | 2,690,533 | 2,607 | ||||||||||||
Intangible assets | 111,806 | 92 | 99,170 | 95 | ||||||||||||
Right-of-use assets | 11,481 | 10 | 11,330 | 11 | ||||||||||||
Deferred tax asset | 139,295 | 116 | 161,694 | 157 | ||||||||||||
Investments in associates and joint ventures | 1,274,813 | 1,058 | 1,024,769 | 993 | ||||||||||||
Financial assets at amortized cost | - | - | - | - | ||||||||||||
Financial assets at fair value through profit and loss | 32,842 | 27 | 28,127 | 27 | ||||||||||||
Other assets | 436 | - | 366 | - | ||||||||||||
Trade and other receivables | 166,569 | 139 | 76,798 | 75 | ||||||||||||
Total non-current assets | 5,256,501 | 4,363 | 4,092,787 | 3,965 | ||||||||||||
Inventories | 294,050 | 244 | 230,095 | 223 | ||||||||||||
Financial assets at amortized cost | 51,012 | 42 | 82,628 | 80 | ||||||||||||
Financial assets at fair value through profit and loss | 814,863 | 676 | 877,623 | 850 | ||||||||||||
Derivative financial instruments | 45,748 | 38 | 979 | 1 | ||||||||||||
Trade and other receivables | 720,687 | 598 | 503,529 | 488 | ||||||||||||
Cash and cash equivalents | 193,570 | 161 | 761,231 | 738 | ||||||||||||
Total current assets | 2,119,930 | 1,759 | 2,456,085 | 2,380 | ||||||||||||
Total assets | 7,376,431 | 6,122 | 6,548,872 | 6,345 | ||||||||||||
EQUITY | ||||||||||||||||
Equity attributable to owners of the company | 4,199,021 | 3,485 | 3,391,127 | 3,286 | ||||||||||||
Non-controlling interest | 10,344 | 9 | 9,167 | 9 | ||||||||||||
Total equity | 4,209,365 | 3,494 | 3,400,294 | 3,295 | ||||||||||||
LIABILITIES | ||||||||||||||||
Provisions | 125,411 | 104 | 141,436 | 137 | ||||||||||||
Income tax and minimum notional income tax provision | 411,483 | 341 | 77,284 | 75 | ||||||||||||
Deferred tax liability | 58,729 | 49 | 50,223 | 49 | ||||||||||||
Defined benefit plans | 36,817 | 31 | 31,293 | 30 | ||||||||||||
Borrowings | 1,650,036 | 1,369 | 1,416,917 | 1,373 | ||||||||||||
Trade and other payables | 99,868 | 83 | 87,992 | 84 | ||||||||||||
Total non-current liabilities | 2,382,344 | 1,977 | 1,805,145 | 1,748 | ||||||||||||
Provisions | 10,215 | 8 | 10,725 | 10 | ||||||||||||
Income tax liability | 19,732 | 16 | 265,008 | 257 | ||||||||||||
Tax liabilities | 43,865 | 36 | 30,989 | 30 | ||||||||||||
Defined benefit plans | 6,942 | 6 | 7,077 | 7 | ||||||||||||
Salaries and social security payable | 28,461 | 24 | 40,035 | 39 | ||||||||||||
Derivative financial instruments | 2 | - | 2 | - | ||||||||||||
Borrowings | 267,715 | 222 | 728,096 | 706 | ||||||||||||
Trade and other payables | 407,790 | 339 | 261,501 | 253 | ||||||||||||
Total current liabilities | 784,722 | 651 | 1,343,433 | 1,302 | ||||||||||||
Total liabilities | 3,167,066 | 2,628 | 3,148,578 | 3,050 | ||||||||||||
Total liabilities and equity | 7,376,431 | 6,122 | 6,548,872 | 6,345 | ||||||||||||
Consolidated income statement
(For the six-month periods and quarters ended on June 30, 2025 and 2024, in millions)
First half | Second quarter | |||||||||||||||||||||||||||||||
Figures in million | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
AR$ | US$ | AR$ | US$ | AR$ | US$ | AR$ | US$ | |||||||||||||||||||||||||
Sales revenue | 1,008,884 | 900 | 783,788 | 901 | 570,169 | 486 | 446,412 | 500 | ||||||||||||||||||||||||
Domestic sales | 839,685 | 750 | 649,186 | 742 | 466,791 | 398 | 374,607 | 416 | ||||||||||||||||||||||||
Foreign market sales | 169,199 | 150 | 134,602 | 159 | 103,378 | 88 | 71,805 | 84 | ||||||||||||||||||||||||
Cost of sales | (700,707 | ) | (625 | ) | (487,428 | ) | (565 | ) | (399,697 | ) | (340 | ) | (272,245 | ) | (307 | ) | ||||||||||||||||
Gross profit | 308,177 | 275 | 296,360 | 336 | 170,472 | 146 | 174,167 | 193 | ||||||||||||||||||||||||
Selling expenses | (47,845 | ) | (43 | ) | (31,582 | ) | (36 | ) | (25,355 | ) | (22 | ) | (18,002 | ) | (20 | ) | ||||||||||||||||
Administrative expenses | (93,701 | ) | (84 | ) | (71,674 | ) | (83 | ) | (48,646 | ) | (41 | ) | (37,436 | ) | (42 | ) | ||||||||||||||||
Exploration expenses | (225 | ) | - | (167 | ) | - | (167 | ) | - | (85 | ) | - | ||||||||||||||||||||
Other operating income | 60,181 | 53 | 70,781 | 83 | 24,708 | 21 | 41,789 | 48 | ||||||||||||||||||||||||
Other operating expenses | (44,759 | ) | (40 | ) | (43,054 | ) | (52 | ) | (21,048 | ) | (18 | ) | (16,669 | ) | (21 | ) | ||||||||||||||||
Impairment on PPE, int. assets & inventories | (776 | ) | (1 | ) | (142 | ) | - | 31 | (1 | ) | (110 | ) | - | |||||||||||||||||||
Impairment of financial assets | (2,508 | ) | (2 | ) | (49,592 | ) | (56 | ) | (2,296 | ) | (2 | ) | (19,762 | ) | (22 | ) | ||||||||||||||||
Results for part. in joint businesses & associates | 91,347 | 76 | 31,894 | 39 | 43,203 | 30 | (19,522 | ) | (22 | ) | ||||||||||||||||||||||
Income from the sale of associates | - | - | 5,765 | 7 | - | - | 4,307 | 5 | ||||||||||||||||||||||||
Operating income | 269,891 | 234 | 208,589 | 238 | 140,902 | 113 | 108,677 | 119 | ||||||||||||||||||||||||
Financial income | 38,744 | 35 | 2,009 | 2 | 3,250 | 2 | 662 | - | ||||||||||||||||||||||||
Financial costs | (111,459 | ) | (99 | ) | (81,688 | ) | (94 | ) | (68,615 | ) | (58 | ) | (37,733 | ) | (41 | ) | ||||||||||||||||
Other financial results | 138,110 | 122 | 62,861 | 74 | 100,060 | 85 | 19,056 | 22 | ||||||||||||||||||||||||
Financial results, net | 65,395 | 58 | (16,818 | ) | (18 | ) | 34,695 | 29 | (18,015 | ) | (19 | ) | ||||||||||||||||||||
Profit before tax | 335,286 | 292 | 191,771 | 220 | 175,597 | 142 | 90,662 | 100 | ||||||||||||||||||||||||
Income tax | (115,125 | ) | (99 | ) | 121,166 | 147 | (118,154 | ) | (103 | ) | (1,521 | ) | (1 | ) | ||||||||||||||||||
Net income for the period | 220,161 | 193 | 312,937 | 367 | 57,443 | 39 | 89,141 | 99 | ||||||||||||||||||||||||
Attributable to the owners of the Company | 220,570 | 193 | 313,160 | 367 | 58,684 | 40 | 90,061 | 100 | ||||||||||||||||||||||||
Attributable to the non-controlling interest | (409 | ) | - | (223 | ) | - | (1,241 | ) | (1.0 | ) | (920 | ) | (1 | ) | ||||||||||||||||||
Net income per share to shareholders | 162.2 | 0.1 | 230.3 | 0.3 | 43.2 | 0.0 | 66.2 | 0.1 | ||||||||||||||||||||||||
Net income per ADR to shareholders | 4,054.6 | 3.5 | 5,756.6 | 6.7 | 1,078.8 | 0.7 | 1,655.5 | 1.8 | ||||||||||||||||||||||||
Average outstanding common shares1 | 1,360 | 1,360 | 1,360 | 1,360 | ||||||||||||||||||||||||||||
Outstanding shares by the end of period1 | 1,360 | 1,360 | 1,360 | 1,360 | ||||||||||||||||||||||||||||
Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of June 30, 2024 and 2025.
Consolidated cash flow statement
(For the six-month periods ended on June 30, 2025 and 2024, in millions)
First half 2025 | First half 2024 | |||||||||||||||
Figures in millions | AR$ | US$ | AR$ | US$ | ||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Profit of the period | 220,161 | 193 | 312,937 | 367 | ||||||||||||
Adjustments to reconcile net profit to cash flows from operating activities | 170,306 | 163 | 52,945 | 47 | ||||||||||||
Changes in operating assets and liabilities | (267,928 | ) | (209 | ) | (294,654 | ) | (350 | ) | ||||||||
Increase in trade receivables and other receivables | (310,052 | ) | (254 | ) | (369,488 | ) | (432 | ) | ||||||||
Increase in inventories | (23,792 | ) | (20 | ) | (24,392 | ) | (30 | ) | ||||||||
Increase in trade and other payables | 66,873 | 65 | 71,280 | 81 | ||||||||||||
(Decrease) Increase in salaries and social security payables | (11,709 | ) | (10 | ) | 3,122 | 3 | ||||||||||
Defined benefit plans payments | (1,314 | ) | (1 | ) | (1,074 | ) | (1 | ) | ||||||||
Increase in tax liabilities | 13,739 | 13 | 26,664 | 30 | ||||||||||||
Decrease in provisions | (4,245 | ) | (4 | ) | (916 | ) | (1 | ) | ||||||||
Collection for derivative financial instruments, net | 2,572 | 2 | 150 | - | ||||||||||||
Net cash generated by (used in) operating activities | 122,539 | 147 | 71,228 | 64 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Payment for property, plant and equipment acquisitions | (473,948 | ) | (444 | ) | (216,377 | ) | (260 | ) | ||||||||
Payment for intangible assets acquisitions | - | - | (2,457 | ) | (3 | ) | ||||||||||
Collection for sales of public securities and shares, net | 350,106 | 316 | 32,883 | 86 | ||||||||||||
Subscription of mutual funds, net | (4,906 | ) | (4 | ) | (755 | ) | (1 | ) | ||||||||
Capital integration in companies | (44,726 | ) | (41 | ) | (19,750 | ) | (23 | ) | ||||||||
Payment for right-of-use | - | - | (11,192 | ) | (13 | ) | ||||||||||
Collection for equity interests in companies sales | - | - | 15,802 | 18 | ||||||||||||
Collection for joint ventures?? share repurchase | - | - | 30,138 | 37 | ||||||||||||
Collections for intangible assets sales | 4,608 | 3 | - | - | ||||||||||||
Dividends collection | 4 | - | 6,955 | 8 | ||||||||||||
Collection for equity interests in areas sales | 2,410 | 2 | - | - | ||||||||||||
Collection (Payment) of loans | - | - | (115 | ) | - | |||||||||||
Net cash generated by (used in) investing activities | (166,452 | ) | (168 | ) | (164,868 | ) | (151 | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Proceeds from borrowings | 434,160 | 380 | 265,785 | 306 | ||||||||||||
Payment of borrowings | (115,152 | ) | (108 | ) | (60,169 | ) | (69 | ) | ||||||||
Payment of borrowings interests | (113,675 | ) | (101 | ) | (71,365 | ) | (83 | ) | ||||||||
Repurchase and redemption of corporate bonds | (804,524 | ) | (725 | ) | (66,329 | ) | (75 | ) | ||||||||
Payments of dividends | - | - | (37 | ) | - | |||||||||||
Payments of leases | (2,035 | ) | (2 | ) | (1,564 | ) | (2 | ) | ||||||||
Net cash (used in) generated by financing activities | (601,226 | ) | (556 | ) | 66,321 | 77 | ||||||||||
(Decrease) Increase in cash and cash equivalents | (645,139 | ) | (577 | ) | (27,319 | ) | (10 | ) | ||||||||
Cash and cash equivalents at the beginning of the year | 761,231 | 738 | 137,973 | 171 | ||||||||||||
Exchange difference generated by cash and cash equivalents | 77,487 | n.a. | 27,860 | n.a. | ||||||||||||
Decrease in cash and cash equivalents | (645,139 | ) | (577 | ) | (27,319 | ) | (10 | ) | ||||||||
Cash and cash equivalents at the end of the period | 193,570 | 161 | 138,514 | 161 | ||||||||||||
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: .
Information about the videoconference
There will be a videoconference to discuss Pampa's Q2 25 results on Thursday, August 7, 2025, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Adolfo Zuberb眉hler, CFO, Horacio Turri, EVP and head of oil and gas and Lida Wang, IR & ESG Officer at Pampa.
For those interested in participating, please register .
For further information about Pampa:
SOURCE: 1/3 Pampa Energ铆a S.A.
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FAQ
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