Pampa Energia SA (PAM) 2024 Q1 法說會逐字稿

Good morning, everyone, and thank you for waiting. I'm Raquel Cardasz from IR, and we would like to welcome everyone to Pampa Energia's First Quarter 2024 Results Video Conference. We would like to inform you that this event is being recorded. (Event Instructions)

大家早安，感謝大家的等待。我是來自 IR 的 Raquel Cardasz，我們歡迎大家參加 Pampa Energia 2024 年第一季業績視訊會議。我們謹通知您，該事件正在被記錄。（活動須知）

Before proceeding, please read the disclaimer on the second page of our presentation. Let me mention that forward-looking statements are based on Pampa Energia's management beliefs and assumptions and information currently available to the company. They involve risks, uncertainties and assumptions, because they are related to future events that may or may not occur.

在繼續之前，請閱讀我們簡報第二頁的免責聲明。我要指出的是，前瞻性陳述是基於 Pampa Energia 的管理層信念、假設以及公司目前掌握的資訊。它們涉及風險、不確定性和假設，因為它們與可能發生或可能不會發生的未來事件有關。

Investors should understand that general economic and industry conditions and other operating factors could also affect the future results of Pampa Energia and could cause results to differ materially from those expressed in such forward-looking statements.

投資者應了解，總體經濟和行業狀況以及其他營運因素也可能影響 Pampa Energia 的未來業績，並可能導致結果與此類前瞻性聲明中表達的結果有重大差異。

Now I'll turn the video conference over to Lida. Please go ahead.

現在我將視訊會議轉交給麗達。請繼續。

Thank you, Raquel. Hello everyone and thank you for joining our conference call. I'll make a quick summary of Q1, you may find more details in our earnings release and financial statements.

謝謝你，拉奎爾。大家好，感謝您參加我們的電話會議。我將對第一季進行快速總結，您可以在我們的收益發布和財務報表中找到更多詳細資訊。

Today, we are having a Q&A with our CEO, Mr. Gustavo Mariani; our CFO, Mr. Nicolas Mindlin, Mr. Horacio Turri, our Head of E&P and also Adolfo Zuberbuhler, our Finance Director.

今天，我們與我們的執行長 Gustavo Mariani 先生進行了問答；我們的財務長 Nicolas Mindlin 先生、我們的勘探與生產主管 Horacio Turri 先生以及我們的財務總監 Adolfo Zuberbuhler。

Let's start with the quarter figures. After a soft Q4, gas and power demand recovered. Pampa delivered 31% higher gas production year on year and 32% quarter on quarter, thanks to the new gas pipeline online in August of last year.

讓我們從季度數據開始。在經歷了第四季度的疲軟之後，天然氣和電力需求復甦。由於去年 8 月新天然氣管道的上線，潘帕的天然氣產量年增 31%，季增 32%。

Remember that Pampa was awarded 4.9 million cubic meters per day out of 11 of the pipeline's capacity. This is very important as this late summer bloom prevented the country from importing gas and firing alternative fuels.

請記住，Pampa 獲得了 11 條管道容量中每天 490 萬立方公尺的供應量。這非常重要，因為夏末的花季阻止了該國進口天然氣和燃燒替代燃料。

Therefore, there is more local gas output, lesser FX outflow, a friendlier carbon footprint, and more power efficiency. Also, we kept boosting shale gas production, representing 40% of our total output of this quarter, a significant increase compared to last year's 14%.

因此，當地天然氣產量更高，外匯外流更少，碳足跡更友好，電力效率更高。此外，我們持續提高頁岩氣產量，佔本季總產量的40%，比去年的14%大幅成長。

In contrast, we've been experiencing significant delays in collecting CAMMESA payments, burying higher working capital. We learned that the Secretariat of Energy instructed CAMMESA to pay December 2023 and January 2024's transactions in face value dollar bonds, so we booked a $34 million impairment loss on trade receivables. We are awaiting the final resolution and analyzing the course of action.

相較之下，我們在收取 CAMMESA 付款方面遇到了嚴重的延誤，從而埋沒了更高的​​營運資金。我們獲悉，能源秘書處指示 CAMMESA 以面額美元債券支付 2023 年 12 月和 2024 年 1 月的交易，因此我們在應收帳款上計入了 3,400 萬美元的減損損失。我們正在等待最終決議並分析行動方案。

The adjusted EBITDA for the quarter amounted to $189 million. This is a decrease of 8% compared to last year's amount because of the payment [haircut] on CAMMESA's January receivables and lower gas exports, in addition to the drop of petrochemicals and energy spot prices, this the latter affected by the sharp peso depreciation in December.

該季度調整後的 EBITDA 為 1.89 億美元。與去年相比，這一數字下降了8%，原因是CAMMESA 1 月應收帳款的支付[扣減]和天然氣出口量的減少，以及石化產品和能源現貨價格的下降，後者受到2019 年比索大幅貶值的影響。

Higher domestic gas demand and lower net operating costs partially offset these effects. However, the EBITDA grew 70% quarter on quarter, mainly due to this recovery in gas and power demand. Notice that the Q4 '23 EBITDA is also affected by CAMMESA haircut because of December's transaction.

國內天然氣需求的增加和淨營運成本的降低部分抵消了這些影響。然而，EBITDA 環比成長 70%，主要得益於天然氣和電力需求的復甦。請注意，由於 12 月的交易，23 年第 4 季 EBITDA 也受到 CAMMESA 削減的影響。

CapEx in Q1 slowed down, being 36% lower year on year, mainly because of the strong shale gas activity and PEPE 4 was developed in 2023, plus in Q1 we carried out the last divestments of PEPE 6, our last wind farm, which is estimated to be fully commissioned by October of this year. This was partially offset by the beginning of the pilot plan for shale oil in Rincon de Aranda.

第一季資本支出放緩，年減36%，主要是因為頁岩氣活動強勁，且PEPE 4 於2023 年開發，加上第一季我們對最後一個風電場PEPE 6 進行了最後一次撤資，該項目是預計今年10月全面投入使用。林孔德阿蘭達頁岩油試點計畫的開始部分抵消了這一影響。

Moving on to power generation, as seen on slide four, we posted an adjusted EBITDA of $85 million in Q1, 22% lower year-on-year, mainly explained by the $17 million impairment of CAMMESA's January 2024 invoice explained before. It also impacted by the peso devaluation on the spot prices and Mario Cebreiro's divestment, partially offset by lower operating costs and the commissioning of PEPE 4 in June last year.

轉向發電，如幻燈片四所示，我們發布的第一季調整後EBITDA 為8500 萬美元，年減22%，這主要是由於之前解釋過的CAMMESA 2024 年1 月發票的1700 萬美元減值所致。它也受到現貨價格比索貶值和 Mario Cebreiro 撤資的影響，但營運成本下降和去年 6 月 PEPE 4 的調試部分抵消了這一影響。

Q4 dispatch increased 3% year-on-year, this is mainly due to Barragan's new CCGT, higher water levels at Mendoza hydros and PEPE 4's contribution, partially offset by lower fuel oil fired generation and Loma's gas turbine number five that, after being out of service for six months, resumed dispatch on January.

第四季調度量年增 3%，這主要是由於 Barragan 的新 CCGT、Mendoza Hydros 水位較高以及 PEPE 4 的貢獻，部分被燃油發電量下降和 Loma 的 5 號燃氣渦輪機淘汰後的貢獻所抵消服務六個月，一月恢復調度。

Take or pay capacity payment, especially from PPAs, explains most of the EBITDA in this sector. It is driven by availability, and in Q1, we reached 96%, this is higher than last year's 93% because last year there was a lot of thermal outages.

接受或支付容量付款，尤其是來自購電協議的付款，解釋了該行業的大部分 EBITDA。它是由可用性驅動的，在第一季度，我們達到了 96％，這高於去年的 93％，因為去年發生了很多熱中斷。

Let's do a quick review on PEPE 6 expansion, the project's progress is 89% advanced. So it's pretty advanced. We mounted the 8th wind turbine on Monday, as seen in the installation status report that you see here. Meanwhile, the towers components are keep arriving at the site. The four power transformers have already been commissioned, tested and cleared by CAMMESA and Transener, but they are still awaiting for China's approval.

讓我們快速回顧一下 PEPE 6 擴展，該專案的進度已提前 89%。所以它是相當先進的。我們在周一安裝了第 8 颱風力渦輪機，如您在此處看到的安裝狀態報告中所示。同時，塔樓組件不斷運抵現場。這四台電力變壓器已通過 CAMMESA 和 Transener 的調試、測試和審批，但仍在等待中國的批准。

Finally, to avoid power transmission curtailments, we connected the wind farm to a new 500 kV high-voltage grid, the first three points line protection system is already online and the second has begun the process for commissioning. The estimated full COD will be in October of this year. PEPE 6 energy will be sold under B2B PPAs in matter.

最後，為了避免限電，我們將風電場接入了新的500kV高壓電網，第一套三點線路保護系統已經上線，第二套已經開始調試。預計全部 COD 將於今年 10 月完成。PEPE 6 能源將根據 B2B PPA 進行銷售。

Moving on to E&P, I wanted to quickly comment on the gas deliveries, which recovered after Q4's soft demand, thanks to the late summer bloom. As you can see here, domestic sales are way above take or pay, although exports to Chile are still struggling but better off than last Q4. The winter season began this May and we are hitting peak production soon.

轉向勘探與生產，我想快速評論一下天然氣交付量，由於夏末的開花，天然氣交付量在第四季度需求疲軟後有所恢復。正如您在這裡所看到的，儘管對智利的出口仍然困難，但比上個第四季度要好，但國內銷售遠遠超出了照付不議的水平。冬季從五月開始，我們很快就會達到生產高峰。

Commenting on the segment's performance, on slide seven, our E&P business posted an adjusted EBITDA of $70 million in Q1. This is 14% higher year on year. This increase was driven by higher domestic gas demand, unlocked by the commissioning of this new pipeline and hot weather. Lower gas exports, which I mentioned before, and crude oil sales were lower offset this variations.

在第七張投影片上評論該部門的業績時，我們的勘探與生產業務第一季調整後的 EBITDA 為 7,000 萬美元。比去年同期高出 14%。這一增長是由於這條新管道的投產和炎熱天氣釋放的國內天然氣需求增加所推動的。我之前提到的天然氣出口下降和原油銷售下降抵消了這種變化。

In Q1, our total production averaged above 73,000 barrels of oil equivalent per day. This is 27% higher than last year. Zooming in oil represented 6% of our E&P output, but 16% of the segment's revenue.

第一季度，我們的總產量平均每天超過 73,000 桶油當量。比去年高出 27%。石油占我們勘探與生產產量的 6%，但佔該部門收入的 16%。

Gas keeps taking the lead, representing 94% of the total production. Higher maintenance, treatment and transportation costs in El Mangrullo and Sierra Chata due to increased activity explained that our total lifting cost slightly grew by 4% year-on-year. Still, this is very important, the rising output mostly positively impacted the lifting cost per boe, which decreased 19% year on year, recording $5.8 per boe.

天然氣持續保持領先地位，佔總產量的94%。由於活動增加，El Mangrullo 和 Sierra Chata 的維護、處理和運輸成本增加，這說明我們的總提升成本比去年同期小幅增加了 4%。儘管如此，這一點非常重要，產量的成長主要對每桶油當量的提升成本產生了正面影響，年減了19%，達到每桶油當量5.8美元。

Also, this quarter, we started our activities in Rincon de Aranda, which yielded promising results. We completed one DUC well targeting Vaca Muerta with initial production of over 1,300 barrels and currently producing practically at the same rate. Once the well testing is done and Duplicar is partially commissioned, that is due in this year, a stage of it. We plan to resume production in the well tied-in back in 2018.

此外，本季我們開始了在 Rincon de Aranda 的活動，並取得了可喜的成果。我們完成了一口針對 Vaca Muerta 的 DUC 井，最初產量超過 1,300 桶，目前產量幾乎不變。一旦油井測試完成並且 Duplicar 部分投入使用，這將是今年的一個階段。我們計劃於 2018 年恢復該井的生產。

Focusing on gas, our production in Q1 increased by 31% year on year and 32% quarter on quarter, averaging almost 12 million cubic meters per day again because of the local demand. 64% of the quarter's production came from El Mangrullo and 20% from Sierra Chata, both our flagship shale gas fields.

以天然氣為主，由於當地需求，我們第一季產量年增 31%，季增 32%，平均日產量再次接近 1,200 萬立方米。本季 64% 的產量來自 El Mangrullo，20% 來自 Sierra Chata，這兩個都是我們的旗艦頁岩氣田。

Regarding the campaign, we drilled one well and completed another three, shale gas wells in Sierra Chata. The productivity was outstanding. So we almost doubled our gas production there. On the other hand, El Mangrullo experienced a 29% increase compared to last year, without drilled new drilled or tie-in wells. In non-operated areas, Rio Neuquen tied-in five wells this quarter, maintaining production levels.

關於這項活動，我們在 Sierra Chata 鑽了一口井並完成了另外三口頁岩氣井。生產力非常出色。所以我們那裡的天然氣產量幾乎翻了一番。另一方面，El Mangrullo 在沒有鑽探新鑽井或連接井的情況下，產量比去年增加了 29%。在非作業區域，Rio Neuquen 本季併網了 5 口井，維持了生產水準。

The average gas price for the quarter stood at $3.2 per million BTU, this is 18% down due to lower exports in volume and price to Chile as we explained before. We can see right below, the higher deliveries of local gas were destined for thermal power generation.

正如我們之前所解釋的，本季的平均天然氣價格為每百萬 BTU 3.2 美元，下降了 18%，原因是對智利的出口量和價格下降。我們可以在下面看到，更多的當地天然氣輸送量被用於火力發電。

The petrochemicals business posted $11 million of EBITDA in Q1, this is a 58% growth year-on-year mainly because of higher sales in the reformer and lower costs because of the FX, offset by soft domestic sales due to the economic activity and lower international prices.

石化業務第一季的 EBITDA 為 1,100 萬美元，年增 58%，主要是因為重整裝置的銷售額增加以及匯率導致的成本下降，但被經濟活動和較低的國內銷售疲軟所抵消。 。

Quarter-on-quarter, the EBITDA decreased by 45%. This is mainly because the export dollar income was lower. The Reformer led the output mostly, offset by the reduced demand for Styrenics.

EBITDA季減45%。這主要是因為出口美元收入較低。改革者的產量大部分領先，但被苯乙烯需求的減少所抵消。

Well, in Q1, moving to cash flow. We recorded a free cash outflow of $187 million. Besides the $17 million haircut on CAMMESA's January invoice that is impacted in EBITDA. This outflow is purely explained by the sharp increase in working capital due to the payment delays from CAMMESA, which rose from 73 to 89 days in the quarter.

好吧，在第一季度，轉向現金流。我們記錄的自由現金流出為 1.87 億美元。此外，CAMMESA 1 月發票上的 1,700 萬美元折扣也受到 EBITDA 的影響。這種流出純粹是由於 CAMMESA 的付款延遲導致營運資金急劇增加，該延遲從本季度的 73 天增加到 89 天。

Now it is over 120 days if all three due bills are paid today. May 10 is the due of March invoice, so the debt will pile four bills if nothing changes. The higher working capital is offset by lower debt service mainly due to reduced peso stock, debt stock.

如果今天有三筆到期帳單全部付清，現在已經超過 120 天了。5月10日是3月份發票的到期日，因此如果沒有任何變化，債務將堆積四張帳單。較高的營運資金被較低的償債額所抵消，這主要是由於比索存量和債務存量的減少。

However, we took advantage of the local market conditions and issued new debt to cover the increased working capital.

然而，我們利用當地市場條件發行了新債務來彌補增加的營運資金。

Also, it is worth highlighting that we collected [$45 million] in dividends from OCP, a co-controlled oil pipeline company. This is the second largest and only private pipeline in Ecuador. In summary, we increased $11 million of net cash in the quarter, despite the high working capital, achieving an $845 million cash position by the end of March.

此外，值得強調的是，我們從 OCP（一家共同控制的石油管道公司）收取了[4500 萬美元]股息。這是厄瓜多爾第二大也是唯一的私人管道。總之，儘管營運資金很高，但我們在本季增加了 1,100 萬美元的淨現金，到 3 月底實現了 8.45 億美元的現金部位。

Moving on to slide 12, we show our consolidated financial position, including our affiliates at ownership. But let's just focus on the restricted group that reflects the bond perimeter. We posted a gross debt of almost $1.6 billion, a 6% lower year-on-year and 10% growth in cash.

前往投影片 12，我們展示了我們的綜合財務狀況，包括我們擁有所有權的附屬公司。但讓我們只關注反映鍵週長的受限組。我們的總債務接近 16 億美元，年減 6%，現金成長 10%。

We kept diversifying the currency and source of our debt and, as a result, 73% of the gross debt is in US dollars. The net debt recorded $718 million. It's 21% lower year-on-year, and 1.1 times leverage. The average life was 2.8 years. Until 2027, we do not face any relevant debt maturities.

我們不斷實現債務貨幣和來源的多元化，因此，總債務的 73% 是美元。淨債務為 7.18 億美元。年減21%，槓桿為1.1倍。平均壽命為2.8年。到 2027 年，我們不會面臨任何相關債務到期。

So this concludes our presentation. Now, I will turn the word to Raquel. She will poll for questions. Thank you very much.

我們的演講到此結束。現在，我將把話說給拉奎爾。她將進行投票詢問問題。非常感謝。

Thank you very much, Lida. The floor is now open for questions. (Event Instructions)

非常感謝你，利達。現在可以提問。（活動須知）

So the first question comes from Ann Mill from Bank of America. The first question is, how do you see the evolution of the power generation sector on such things as spot energy pricing and price adjustments, construction on future generation facilities, future PPA contracts and what are the implications for the profitability of Argentine generators.

第一個問題來自美國銀行的 Ann Mill。第一個問題是，您如何看待發電業在現貨能源定價和價格調整、未來發電設施建設、未來購電協議合約等方面的演變，以及對阿根廷發電機獲利能力的影響。

Hi, Ann. Good morning. Thank you for your question. Unfortunately, this discussion that is public with the Secretary of Energy and with the Ministry of Economy regarding the CAMMESA payments have put on hold all the conversations regarding regulatory changes going forward. I hope that we are a few weeks away from being able to start those conversations again or that the Secretary of Energy could focus on this issue. Certainly, the spot energy pricing needs an adjustment.

嗨，安。早安.謝謝你的問題。不幸的是，與能源部長和經濟部就 CAMMESA 付款進行的公開討論已經擱置了所有有關未來監管變革的對話。我希望幾週後我們就能再次開始這些對話，或者能源部長可以專注於這個問題。當然，能源現貨定價需要調整。

Desperately needs an adjustment very soon. So we hope that the secretary will have time to focus on this issue in the next few weeks, but we don't have any visibility on that matter. Regarding construction of future generation facilities, as you know the auction that was awarded at the very end of the last administration has been put on hold or more than put on hold all the signals are that it will be canceled.

迫切需要盡快進行調整。因此，我們希望國務卿在接下來的幾週內有時間關注這個問題，但我們對這個問題沒有任何了解。關於下一代設施的建設，如您所知，上屆政府末期授予的拍賣已被擱置或超過擱置，所有信號都表明它將被取消。

So there is no visibility there. And you also asked about future PPAs, but I don't believe that this administration is thinking about PPAs at least not in a way that we have seen in the last decade. It's not PPAs where the counterparty. It's basically CAMMESA or the Secretary of Energy. But probably the scheme that this new administration will propose will be PPAs where the counterparty of the power generation will be the distribution companies directly.

所以那裡看不到任何東西。您也詢問了未來的購電協議，但我不認為本屆政府正在考慮購電協議，至少不是以我們過去十年所看到的方式。交易對手不是購電協議。基本上就是 CAMMESA 或能源部長。但新政府提出的方案可能是購電協議，其中發電的交易對手將直接是配電公司。

But that is the regulatory change that has been mentioned and likely discussed with the authorities, but we haven't seen that, again, we had those conversations during our summer. But since then, there's not been further discussion on this topic.

但這就是已經提到並可能與當局討論過的監管變化，但我們還沒有看到我們在夏天再次進行了這些對話。但從那以後，就沒有再進一步討論過這個話題。

Thank you very much, Gus. And second question is, can you provide an update on the construction of the various new pipelines that will help producers to evacuate production during off peak times or sales to neighbor countries such as Bolivia, Brazil and others.

非常感謝你，格斯。第二個問題是，您能否提供有關各種新管道建設的最新信息，這些管道將幫助生產商在非高峰時段撤離生產或向玻利維亞、巴西等鄰國銷售。

There are currently a couple of things. One is the reversion of the North pipeline, the pipeline that currently brings gas from Bolivia and from the North Basin of Argentina to the Center of Argentina. That pipeline is in the process of reversing its flow of gas. Now it's coming North to South. And once this reversion is completed, natural gas from the Neuquen Basin will be able to reach the north part of the country and eventually Bolivia.

目前有幾件事。一是恢復北部管道，目前將天然氣從玻利維亞和阿根廷北部盆地輸送到阿根廷中部。該管道正在改變其氣流方向。現在已經從北到南了。一旦這種恢復完成，內烏肯盆地的天然氣將能夠到達該國北部地區，並最終到達玻利維亞。

Unfortunately, we don't see this infrastructure being completed by this winter. We hope it will be completed by the end of the year by next summer or early next year. So it will be online by then. Just to keep in mind that will not increase the amount of gas that the Neuquen Basin will be able to export, but rather gas that currently goes to literal to the east side of Argentina, we will be able to reach the north part of Argentina that because of the decrease in imports from Bolivia because of the decline of production there needs to be satisfied.

不幸的是，我們預計該基礎設施不會在今年冬天完工。我們希望能在今年年底、明年夏天或明年初完成。所以到時候就可以上線了。請記住，這不會增加內烏肯盆地能夠出口的天然氣量，而是增加目前流向阿根廷東部的天然氣量，我們將能夠到達阿根廷北部由於產量下降，從玻利維亞的進口減少，需要得到滿足。

While the east side of the country could be supplied with LNG or eventually with liquid fuels. The other important infrastructure project is the completion of the gas compression plant in the Gasoducto Nestor Kirchner. So the first tranche of the Gasoducto Nestor Kirchner was put online at the middle of last winter. Now the two compression plants will be able to double the capacity of that first tranche of the Gasoducto Nestor Kirchner. The first of that compression plant will be ready, we hope, in the next month or so.

而該國東部地區可以供應液化天然氣或最終供應液體燃料。另一個重要的基礎設施項目是 Gasoducto Nestor Kirchner 氣體壓縮廠的竣工。因此，內斯特·基什內爾天然氣管道的第一批項目於去年冬天中旬投入使用。現在，這兩個壓縮工廠將能夠使 Gasoducto Nestor Kirchner 的第一批產能增加一倍。我們希望，第一座壓縮裝置將在下個月左右準備就緒。

Before the end of the winter, increasing the capacity of the pipe in 6 million cubic meters of natural gas per day. The other 5 million will be once the second compression plant is ready, which we expect we don't have much visibility, but we expect will be by the end of the year or during the summer.

冬季結束前，每天增加管道輸送天然氣600萬立方公尺的能力。另外 500 萬將在第二個壓縮工廠準備就緒後進行，我們預計我們沒有太多的能見度，但我們預計將在今年年底或夏季期間完成。

Thank you very much. The last question from Ann is, are there any other regulatory changes that are you monitoring closely.

非常感謝。安的最後一個問題是，您是否正在密切注意任何其他監管變化。

No. As I said, all the attention has been, unfortunately, during the last couple of months has been on this issue of the payment. So we hope to be able to resume the Secretary of Energy can focus on these other regulatory changes in the next few weeks.

不。正如我所說，不幸的是，過去幾個月所有的注意力都集中在付款問題上。因此，我們希望能源部長能夠在未來幾週內繼續關注這些其他監管變化。

Thank you, Gus. Now Alejandro Demichelis from Jefferies has three questions. First one says, could you please provide an update on negotiations with CAMMESA regarding payments and a potential bond? Could you please confirm the outstanding balance with CAMMESA.

謝謝你，格斯。現在，傑富瑞 (Jefferies) 的亞歷杭德羅·德米凱利斯 (Alejandro Demichelis) 有三個問題。第一個問題是，您能否提供與 CAMMESA 就付款和潛在保證金進行談判的最新情況？請您與 CAMMESA 確認未清餘額。

Yes. Thank you, Alejandro, for the question. I think you all know it was released yesterday published in the official gazette this morning, Resolution 58. Basically, Resolution 58, what says is in Capsula it puts into brackets the payments of the transactions of December, January, and February of this year and the proposal is to pay December and January transactions with bonds that currently trade at around 50%. And the transaction of February will be paid in cash.

是的。謝謝亞歷杭德羅的提問。我想你們都知道昨天早上在官方公報上發布了第 58 號決議。基本上，第58 號決議在Capsula 中規定，將今年12 月、1 月和2 月的交易付款放入括號中，建議用目前交易價格約為50% 的債券來支付12 月和1 月的交易。2月份的交易將以現金支付。

This is assuming that the generator reached an set of this agreement with CAMMESA. In terms of numbers, the December and January transaction for Pampa is ARS85 billion. That is what the Ministry of Economy is proposing to pay with bonds. And the February transaction is ARS53 billion. This is -- what it means we need further clarifications on the resolution that has been published. It implies a significant haircut.

這是假設生成器與 CAMMESA 達成了一套此協議。從數字來看，Pampa 12 月和 1 月的交易額為 850 億阿根廷比索。這就是經濟部提議用債券支付的金額。2月份的交易額為530億ARS。這意味著我們需要對已發布的決議進行進一步澄清。它意味著重大的髮型。

And as Lida explained, we have already accounted for that on our balance sheet. What is, I think, is already public as well is that AGEERA, which is the association of all the power generators of the country, have formally rejected the proposal in the name of all its private members. I mentioned private because AGEERA is composed both of private generators and state-owned generators.

正如利達解釋的那樣，我們已經在資產負債表上考慮到了這一點。我認為，已經公開的情況是，AGEERA（全國所有發電商的協會）已以其所有私人成員的名義正式拒絕了該提案。我提到私人是因為 AGEERA 由私人發電機和國有發電機組成。

We believe this is an ongoing negotiation. We are very optimistic that an agreement could be reached with the government with minor improvements and taking into account the restrictions that the Secretary of Energy the treasury is facing.

我們相信這是一個持續的談判。考慮到能源部長和財政部面臨的限制，我們非常樂觀地認為，可以與政府達成協議，並進行一些小的改進。

Obviously, as we and all the power generators have -- that all the creditors of CAMMESA have mentioned that is crucial to this negotiation is the fact that we have going forward, the visibility that payments will begin to be current and on time from now onwards. So that the stock of that, the one that we are taking a haircut on is limited and will not continue increasing.

顯然，正如我們和所有發電商所提到的那樣，CAMMESA 的所有債權人都提到，對此次談判至關重要的是，我們將繼續前進，從現在開始，付款將開始及時、準時。所以我們正在理髮的那個庫存是有限的，不會繼續增加。

So again there's not much that I can tell you, but we are optimistic that an agreement will be reached, but we then not accepting this current proposal.

因此，我可以告訴你的不多，但我們對達成協議感到樂觀，但我們不會接受目前的提議。

Thank you, Gus. Next question from Alejandra. He wants to know how do you see upstream volumes evolving during rest of 2024?

謝謝你，格斯。亞歷杭德拉的下一個問題。他想知道您如何看待 2024 年剩餘時間內上游產量的變化？

Okay. Good morning to everybody. Going to your question, Alejandro, we have to separate between gas and oil. In terms of gas, as Lida mentioned before, the demand is picking up. So currently, we are delivering a bit more than 14 million cubic meters a day. Our commitment, total delivery is in the range of 15.7% for the winter, which we think is going to be achievable. And then this includes approximately 600,000 cubic meters of exports to Chile during the winter season.

好的。大家早安。關於你的問題，亞歷杭德羅，我們必須區分天然氣和石油。在天然氣方面，正如利達先前所提到的，需求正在回升。目前，我們每天的輸送量略高於 1400 萬立方米。我們承諾，冬季總交付量在 15.7% 左右，我們認為這是可以實現的。其中包括冬季向智利出口約 60 萬立方公尺。

And then we will probably go back to the 13.8% that we also have committed for the off-peak season, including around nearly 1 million cubic meters per day exports to Chile. So that's regarding natural gas. In terms of oil, we will see a significant decrease in Pampa's production.

然後我們可能會回到淡季承諾的 13.8%，其中包括每天向智利出口近 100 萬立方公尺。這就是關於天然氣的。在石油方面，我們將看到潘帕地區的產量大幅下降。

We are currently in the range of 4,500 barrels per day with the Rincon de Aranda 2001, delivering 1,300 barrels a day plus the tying in of the Rincon de Aranda 2000 is approximately are more than 400 barrels a day. We will be adding up like 1,800 barrels a day of crude oil, which represents a little bit less than 50% of our contraction.

目前，我們的 Rincon de Aranda 2001 產量範圍為每天 4,500 桶，每天交付 1,300 桶，再加上 Rincon de Aranda 2000 的捆綁，每天大約交付超過 400 桶。我們每天將增加約 1,800 桶原油，略低於我們收縮量的 50%。

Thank you. And Alejandra also wants to know an update on the performance of the Rincon de Aranda block.

謝謝。Alejandra 也想了解 Rincon de Aranda 區塊的最新表現。

Okay. Going to Rincon de Aranda 2001 well, we have very good news. The well was extremely successful. We reached almost 1,400 barrels per day of initial production, which gives you an EUR of around 1.3 million barrels to 1.4 million barrels. This is particularly good. If you compare this well with the average of wells that had been drilled with 2,000 meters of lateral leg in the area.

好的。2001 年 Rincon de Aranda 順利舉辦，我們有好消息。這口井非常成功。我們的初始產量達到了每天近 1,400 桶，這為您帶來了約 130 萬桶至 140 萬桶歐元。這個特別好。如果將此井與該地區已鑽2000公尺側腿的井的平均值進行比較。

You can see there in the slide that we rank among the top three when we compare with La Amarga Chica, Baja del Palo and Aguada Canepa, which approximately accounts for around 300 wells. We see that the behavior of the Rincon de Aranda 2001 is very promising. And as you can see also in the slide, we are way above the average wells that have been drilled with 2,000 meters of lateral legs by far. They accounted for initial production of 150.

您可以在幻燈片中看到，與 La Amarga Chica、Baja del Palo 和 Aguada Canepa 進行比較時，我們位列前三，這三個油井大約佔 300 口井。我們看到 Rincon de Aranda 2001 的表現非常有前途。正如您在幻燈片中所看到的，我們遠高於迄今為止已鑽探 2,000 公尺側腿的平均油井。他們的初始產量為 150 輛。

We are in more than 200 and also the EURs are particularly above that. In terms of future development, we foresee the drilling and completion of two parts during 2024, 2025, which have the basically the objective of derisking the area and also adding up production. If we are successful with these two pads, we will be adding up approximately 2,000 cubic meters per day to the current production.

我們的排名超過 200，而且歐元尤其高於這個數字。就未來發展而言，我們預計在2024年和2025年期間鑽完兩個部分，其基本目標是降低該地區的風險並增加產量。如果這兩個墊片取得成功，我們目前的產量將增加約 2,000 立方公尺/天。

And the only constraint we will be facing is the transportation capacity to evacuate this oil into the Bahia Blanca Port. We already acquired 1,000 additional capacity from the older valve bid and we are optimistic that we will be able to find alternative ways of moving that oil into the export facilities in Bahia Blanca.

我們將面臨的唯一限制是將這些石油疏散到布蘭卡港的運輸能力。我們已經從舊閥門投標中獲得了 1,000 個額外產能，我們樂觀地認為我們將能夠找到將石油轉移到布蘭卡港出口設施的替代方法。

Thank you very much, Horacio. Yes, Gustavo.

非常感謝你，奧拉西奧。是的，古斯塔沃。

Sorry if I could just to add to Horacio is just to recall to all of you that Rincon de Aranda is the area that last year, we acquired the other 50% from our former partner by swapping by exchanging a wind farm of 100 megawatts that we own in exchange for their 50% ownership in the area.

抱歉，我想補充一下Horacio，只是想提醒大家，Rincon de Aranda 是去年我們透過交換一個 100 兆瓦的風電場從我們的前合作夥伴那裡獲得了另外 50% 的土地。作為交換。

Rincon de Aranda is 240 square kilometers or 60,000 acres area. And we knew at that moment that we were doing a very good and cheap transaction, probably the cheapest acquisition of acreage in the Vaca Muerta area.

Rincon de Aranda 佔地 240 平方公里或 60,000 英畝。在那一刻我們知道我們正在做一筆非常好的和便宜的交易，可能是瓦卡穆爾塔地區最便宜的土地收購。

Now with the results of this first well and having the first well among the best three of the area is extremely optimistic. So confirms that we did an excellent transaction and we are very optimistic with the development of this area moving forward.

現在，有了第一口井的結果，並且第一口井躋身該地區最好的三口井之列，這是非常樂觀的。這證實了我們完成了一筆出色的交易，並且我們對該領域的未來發展非常樂觀。

Sorry just a little bit more information about Rincon de Aranda. As Gustavo mentioned, those 60,000 acres account for approximately 220 wells that could be drilled. And we think that in due time, we might be able to achieve a total production ranging from 35,000 to 40,000 barrels a day. So it's quite a challenge and an opportunity for Pampa in the shale oil segment.

抱歉，請提供有關 Rincon de Aranda 的更多資訊。正如古斯塔沃所提到的，這 60,000 英畝的土地大約有 220 口可鑽探井。我們認為，在適當的時候，我們也許能夠實現每天 35,000 至 40,000 桶的總產量。因此，這對潘帕頁岩油領域來說是一個很大的挑戰，也是一個機會。

Thank you very much. Next question comes from Gustavo Faria from Bank of America. The first one says, last week, Brazilian government stated its intentions to import gas of Vaca Muerta. In your view, what is the most feasible time line for this? Do you have any preliminary estimates on how Pampa's gas production could grow? And what internal CapEx should you perform to increase the gas production?

非常感謝。下一個問題來自美國銀行的古斯塔沃·法裡亞。第一個消息是，上週巴西政府表示有意進口瓦卡穆爾塔天然氣。您認為最可行的時間表是什麼？您對潘帕的天然氣產量如何成長有任何初步估計嗎？您應該執行哪些內部資本支出來增加天然氣產量？

All right. Currently, we know that there have been developing negotiations between the Brazilian and the Argentinian government to make use of this off-peak gas capacity. We are still waiting for the outcome. There are different alternatives in place. One of them is making use of the current Bolivian gas pipeline capacity in order to export gas from Argentina. This necessarily needs the second tranche of the Nestor Kirchner pipeline to be finished as well as the reversion Gustavo mentioned before.

好的。目前，我們知道巴西和阿根廷政府之間正在就利用這一非高峰天然氣產能進行談判。我們仍在等待結果。有不同的替代方案。其中之一是利用玻利維亞現有的天然氣管道能力從阿根廷出口天然氣。這必然需要完成 Nestor Kirchner 管道的第二部分以及先前提到的 Gustavo 的恢復。

Either if we want to go through Bolivia or through the Uruguaiana pipeline connecting Uruguaiana to Porto Alegre. So we are still trying to understand what the final negotiations will end up with, but definitely, this would add off-peak demand of around 20 million to 40 million cubic meters per day.

要么我們想經過玻利維亞，要么通過連接烏拉圭納和阿雷格里港的烏拉圭管道。因此，我們仍在努力了解最終談判的結果，但毫無疑問，這將增加每天約 2,000 萬至 4,000 萬立方公尺的非高峰需求。

And if the necessary capacity is built in order to overcome the winter shortage, we eventually might have that additional capacity all year round. But we are just seeing the first steps of the negotiation.

如果建立必要的產能來克服冬季短缺，我們最終可能會全年擁有額外的產能。但我們才看到談判的第一步。

Thank you very much, Horacio. Next question comes from Bruno Montanari from Morgan Stanley. The first one says, regarding the developers with backup with CAMMESA's past due receivables and credit impairment other than the impact this has on the working capital pressure.

非常感謝你，奧拉西奧。下一個問題來自摩根士丹利的布魯諾·蒙塔納裡。第一個是關於擁有 CAMMESA 逾期應收帳款和信用減損支持的開發商，而不是這對營運資金壓力的影響。

What other financial implications could arise from the current situation based on the company's interactions with CAMMESA and the government, what is the best alternative to fix the current problem. Given that the mindset of the current administration is to have free market practices across all sectors, should we see a faster pace of tariff hikes to the consumer, which would allow CAMMESA to honor its payments with the power industry.

根據公司與 CAMMESA 和政府的互動，當前情況可能會產生哪些其他財務影響，解決當前問題的最佳替代方案是什麼。鑑於現任政府的理念是在所有部門實行自由市場做法，我們是否應該看到消費者電價上漲的步伐加快，這將使 CAMMESA 能夠兌現其對電力行業的付款。

Difficult question to answer, Bruno. Regarding credit impairments, I believe, basically what the haircut that we took into account in the first quarter accounts for roughly 40% discount. I think worst case scenario could be in the 50% discount range. So it would be a marginal further haircut that we may need to take. Regarding ongoing working capital pressure, I hope and as I explained before, I hope we have seen the worst and that from now onwards, CAMMESA will begin to pay current and on time.

這個問題很難回答，布魯諾。關於信用減值，我認為，基本上我們在第一季考慮的折算大約有40%的折扣。我認為最壞的情況可能是在 50% 的折扣範圍內。因此，我們可能需要進一步進行邊際削減。關於持續的營運資金壓力，我希望，正如我之前所解釋的，我希望我們已經看到了最壞的情況，從現在開始，CAMMESA 將開始按時支付當前款項。

That is crucial to the agreement. And I think that the Secretary of Energy has been doing an excellent job in order to ensure that basically doing what it needed to be done the most that was increasing tariffs and a significant portion of the demand is currently paying the full price of electricity. Only those, what we call the N2 and N3 that are the lower and middle income of residential users are still subsidized. And those I think it will need to continue to be subsidized and the pace at which those subsidiaries will disappear.

這對協議至關重要。我認為能源部長一直做得非常出色，以確保基本上做最需要做的事情，即提高關稅，目前很大一部分需求正在支付全額電價。只有那些我們稱為N2和N3的中低收入居民用戶仍然得到補貼。我認為那些子公司將需要繼續獲得補貼以及這些子公司消失的速度。

I'm not in a condition to say that it's more related to not it's more a political and social issue that the government needs to decide on. Make sure if I Let me read the question or see if there's anything else that I'm missing. (spoken in foreign language) it was a long question. So just a shorter question, so I can answer them completely. Well I think I have basically covered.

我沒有資格說這與政府需要決定的政治和社會問題有關。確保我是否讓我閱讀問題或看看是否還有其他我遺漏的內容。 （用外語說）這是一個很長的問題。所以只是一個較短的問題，這樣我就可以完整地回答他們。嗯，我想我已經基本涵蓋了。

Thank you very much, Gus. Second question from Bruno is, Pampa has indicated it wants to pursue investment in its shale oil acreage. How should we think about the time line for CapEx acceleration? And how does the issue with CAMMESA impact the capital allocation through process in the short to medium term?

非常感謝你，格斯。布魯諾的第二個問題是，潘帕已表示希望對其頁岩油面積進行投資。我們該如何考慮資本支出加速的時間表？CAMMESA 議題如何影響中短期內的資本配置流程？

Okay. We don't see any relationship between the CAMMESA problem and our investments in oil. It's a completely different market. And we don't see any relation between those two. Regarding the investment pace, sorry, as we mentioned before, we will probably be drilling and completing two pads that of four wells each, so it's a total of eight wells, and that will account to approximately $160 million plus the necessary facilities in order to evacuate that initial production.

好的。我們認為 CAMMESA 問題與我們的石油投資之間沒有任何關係。這是一個完全不同的市場。我們看不出這兩者之間有任何關係。關於投資節奏，抱歉，正如我們之前提到的，我們可能會鑽探和完成兩個平台，每個平台四口井，所以總共八口井，加上必要的設施，這將佔約1.6 億美元，以便撤離最初的生產。

Thank you, Horacio. Next question comes from Lilyanna Yang from HSBC. First one says, could you give more detail about the write-off of CAMMESA receivables? And in which circumstances you would be able to reverse such write-off unexpected payment for the remaining balance.

謝謝你，奧拉西奧。下一個問題來自匯豐銀行的 Lilyanna Yang。第一個問題是，您能否提供有關 CAMMESA 應收帳款核銷的更多詳細資訊？在這種情況下，您將能夠沖銷此類沖銷意外付款的剩餘餘額。

Sorry, more details about the write-off. The write-off, as I explained before, December and January transactions account for ARS85 billion, that is capital plus interest. Regarding the interest, there is a doubt how those will be accounted for, whether we should do a complete write-off whether they will be paid with bonds or whether they will be paid in cash.

抱歉，有更多關注銷的詳細資訊。正如我之前解釋的，12 月和 1 月交易的沖銷額為 850 億澳元，即資本加利息。關於利息，如何核算，是否應該全部沖銷，是用債券支付還是用現金支付，都是一個疑問。

The three alternatives and it's not clear what the proposal is. And just depending on that outcome, the discount could be between 30% and 50%. So our write-off stands right in the middle. It could be a slight decrease or increase depending the final outcome of the negotiation in the case that we eventually decide to accept the proposal if we are being granted other issues that are not related to the discount, but with things that may happen in the future.

三種替代方案目前尚不清楚該提案是什麼。根據結果，折扣可能在 30% 到 50% 之間。所以我們的沖銷就在中間。如果我們被授予與折扣無關但與未來可能發生的事情有關的其他問題，則可能會略有減少或增加，具體取決於談判的最終結果，如果我們最終決定接受該提案。

As this is an ongoing negotiation, I'd rather don't give much information.

由於這是一項正在進行的談判，我不想提供太多資訊。

Thank you, Gus. Next question from Lilyanna says, if we can give an update on the Nestor Kirchner pipeline status and outlook for easing the infrastructure constraint. And if there are any changes in the outlook for the pricing scheme of natural gas?

謝謝你，格斯。Lilyanna 提出的下一個問題是，我們能否提供有關 Nestor Kirchner 管道狀況的最新資訊以及緩解基礎設施限制的前景。天然氣定價方案的前景是否會改變？

Okay. I think also we covered this. But again, Gasoducto Nestor Kirchner increased the evacuation capacity from the Neuquen Basin in 11 million cubic meters of natural gas per day that happened in August of last year. Once the two compression plants that are currently being built are ready, the capacity doubles. So it goes from 11 to 22.

好的。我想我們也涵蓋了這一點。但去年 8 月，內烏肯盆地天然氣疏散能力再次提高，每天 1,100 萬立方米天然氣。一旦目前正在建造的兩個壓縮工廠準備就緒，容量就會增加一倍。所以從 11 到 22。

The first of this compression plant will be ready in a month or so, increasing 6 million, so going from [11 million to 17 million]. Once the second compression plant is ready, goes from 17 million to 22 million cubic meters. And the other question is any changes in the outlook of, as you know, there is the plan gas scheme that hasn't basically said volume and prices, commitment of volume and prices for the industry until 2028.

第一個壓縮工廠將在一個月左右的時間內準備就緒，數量將增加 600 萬，即從 [1,100 萬增至 1,700 萬]。一旦第二個壓縮工廠準備就緒，產能將從 1,700 萬立方公尺增加到 2,200 萬立方公尺。另一個問題是，正如您所知，天然氣計劃的前景是否會發生任何變化，該計劃基本上沒有說明2028年之前該行業的數量和價格、數量和價格承諾。

So no, we are not expecting any changes to that.

所以不，我們預計不會有任何改變。

Thank you, Gus. Next question comes from Paula La Greca from TPCG. First one says, is there any other Energia SA tariff increase in the upcoming months? The last one was 74% in February.

謝謝你，格斯。下一個問題來自 TPCG 的 Paula La Greca。第一個問題是，未來幾個月 Energia SA 還會有其他關稅上調嗎？上一次是 2 月份，為 74%。

Hi, Paula. Yes, you are right. It was a 74% increase in February. I don't recall when it was the previous adjustment, but I think it was in February of former year. So this 74% lagged significantly. The inflation that was accumulated throughout the former 12 months. So it was short of the expectation of the industry. And since then, we have been running, unfortunately, high inflation every month. So we hope it will come in the next few months.

嗨，保拉。是的你是對的。2月份成長了74%。上次調整是什麼時候我不記得了，應該是去年2月吧。所以這 74% 明顯滯後。過去 12 個月累計的通貨膨脹。所以沒有達到業界的預期。不幸的是，從那時起，我們每個月都面臨高通膨。所以我們希望它能在未來幾個月內到來。

Actually, we hope it will come in the next few weeks. But honestly, I cannot give you any clarity because, as I said previously, there haven't been any at least from our side. I don't know of our colleagues, but from ourselves, there hasn't been any discussion with the authorities.

事實上，我們希望它會在接下來的幾週內到來。但老實說，我無法給你任何澄清，因為正如我之前所說，至少我們這邊還沒有任何澄清。我不知道我們的同事是怎麼想的，但從我們自己看來，還沒有與當局進行過任何討論。

Thank you, Gus. The second question from Paula says, would you please give more color on the petrochemical business sales.

謝謝你，格斯。Paula 提出的第二個問題是，請您對石化業務的銷售情況做更多說明。

The petrochemical business sales. The Petchem business has two parts. One, what we call the reformer that it's a business that its drivers are more related to international prices, basically price of crude, vis-a-vis refined products and this international spread of those pricing drives the economics of this part of the business, which in the past few years have been profitable or has been in good levels vis-a-vis former years and at least what we are seeing in the future markets is that this trend will continue.

石化業務銷售。Petchem 業務分為兩部分。一，我們所說的改革者，這是一項業務，其驅動因素與國際價格更相關，基本上是原油價格，相對於成品油，這些定價的國際價差推動了這部分業務的經濟性，在過去幾年中，該公司已經實現盈利，或者與前幾年相比一直處於良好水平，至少我們在未來市場中看到這種趨勢將持續下去。

The other part of the business, what we call the credit cost, those are more related to the economic activity, especially because it's related to across all industries, especially constructions, but many other industries, durables, many other industries are, we are suppliers of many industries. And so it's more dependent on the economic activity of the country.

業務的另一部分，我們所說的信貸成本，這些與經濟活動更相關，特別是因為它與所有行業相關，特別是建築業，但許多其他行業，耐用品，許多其他行業，我們是供應商許多行業的。因此它更依賴該國的經濟活動。

We have already seen significant declines of 15%, 20%, 25% vis-a-vis and part of that you've seen that on the figures that we published yesterday. And we think that this trend will continue until the rebound of the economy comes, hopefully at some point in the second semester.

我們已經看到了 15%、20%、25% 的顯著下降，您已經在我們昨天發布的數據中看到了其中的一部分。我們認為這種趨勢將持續到經濟反彈到來，希望是在第二學期的某個時候。

Thank you very much, Gus. Next question comes from Marina Mertens from Latin Securities. First one says, which amount will be considered when calculating the outstanding debt. Will it include accrued interest and FX differences. Is there a possibility of recognizing an additional amount.

非常感謝你，格斯。下一個問題來自拉丁證券公司的瑪麗娜·梅爾滕斯。第一個說，計算未償債務時將考慮多少金額。是否包括應計利息和外匯差異？是否有可能確認額外金額。

But I think I already covered this. To summarize and to make it easier, we accounted for a 40% haircut. We think worst case scenario will be in the 50% haircut. So we will have to provision or to reflect a loss of an additional 10% of this ARS85 billion that is the total amount that is being that is not paying in cash that will -- that the proposal of the government is to pay the bonds. So assuming that we accept this proposal as CDs, we might need to take a further 10% haircut.

但我想我已經介紹過這一點了。總而言之，為了讓事情變得更容易，我們佔了 40% 的理髮率。我們認為最壞的情況是削減 50%。因此，我們必須撥備或反映這 850 億裡亞爾的額外 10% 的損失，這是未以現金支付的總額——政府建議支付債券。因此，假設我們接受這個提案作為 CD，我們可能需要進一步削減 10%。

Thank you, Gus. Next question says, could the approval of the late day assets have any impact on your operations and our strategy.

謝謝你，格斯。下一個問題是，後期資產的批准會對您的營運和我們的策略產生任何影響嗎？

I think going forward, what is very important, not only for us, but for all our colleagues is the RIGI, the scheme that incentivize big infrastructure project. I think that is for many infrastructure projects that could where Pampa or its subsidiaries as TCS could participate. This is an important issue that comes with the late day assets.

我認為，展望未來，不僅對我們而且對我們所有同事來說，非常重要的是 RIGI，即激勵大型基礎設施項目的計劃。我認為對於許多基礎設施項目來說，Pampa 或其子公司 TCS 可以參與其中。這是後期資產帶來的重要議題。

Thank you very much, Gus. Next question comes from Ezequiel Fernandez from Balanz. The first one, he wants to know, for the oil and gas segment. If I take the cubic meters of gas sold at the reported price and the gas sold at the reported price and calculate the sales, I end up quite far from the total sales reported for the segment. What's the difference? You've seen a conversion factor of 0.053 for cubic meters BTU in gas.

非常感謝你，格斯。下一個問題來自 Balanz 的 Ezequiel Fernandez。他想知道第一個是石油和天然氣領域。如果我採用以報告價格出售的天然氣立方米和按報告價格出售的天然氣併計算銷售額，我最終會發現該部門報告的總銷售額相差甚遠。有什麼不同？您已經看到天然氣中立方米 BTU 的轉換係數為 0.053。

I will give you later the answer, but I think you are converting wrongly. But we produce what we sell, we don't buy trading so far at least in this quarter.

我稍後會給你答案，但我認為你轉換錯誤了。但我們生產我們銷售的產品，至少在本季到目前為止，我們不會購買交易。

Thank you. How many unconventional wells were connected in 2023 and 2022, net at working interest?

謝謝。2023 年和 2022 年接通了多少口非常規井（淨工作權益）？

In 2022, when we say unconventional, we are talking about tight gas and shale. So in 2022, we drilled 20 wells to 20 tight gas wells. That's a 100% participation in El Mangrullo and 2.5 wells at the working interest in Sierra Chata, and during 2023, we drilled 25 wells in Sierra Chata and El Mangrullo together out of approximately half and half El Mangrullo and Sierra Chata. So that would end up with 18.5 wells at the working interest.

2022年，當我們說非常規時，我們指的是緻密氣和頁岩氣。所以到2022年，我們鑽了20口井，到20口緻密氣井。這是El Mangrullo 的100% 參與度，以及Sierra Chata 工作權益的2.5 口井的參與度。各佔一半。因此，最終將有 18.5 口井處於工作權益。

Thank you very much. Next one, he wants to know about Rincon de Aranda any updates on how you plan to proceed timing initial context, number of wells, perhaps looking for a partner to develop the area.

非常感謝。下一個，他想了解 Rincon de Aranda 的任何最新情況，包括您計劃如何進行初始背景、油井數量的計時，也許尋找合作夥伴來開發該地區。

I think we already covered this question. As we mentioned before, we will be drilling two parts by the end of '24, beginning of '25. And depending on the results, we will keep on with the developing land in the coming years, subject to obtaining a vacation for the production. There are no partners.

我想我們已經討論過這個問題了。正如我們之前提到的，我們將在 24 年底、25 年初鑽兩個部分。根據結果，我們將在未來幾年繼續開發土地，前提是獲得生產假期。沒有合作夥伴。

Thank you, Horacio. Next one Fazio wants to know if there is any update on hydro concessions.

謝謝你，奧拉西奧。接下來，法齊奧想知道水力特許權是否有任何更新。

No, again, we haven't had any talks with the Secretary of Energy other than the issue of the payment. So I understand for those that have already matured, there's going to be a further extension for a few months and that as supposedly, after that, they will return to state-owned by ENARSA. But I don't know what are the plans going forward, whether there will be auction for operational maintenance. I don't know. No information.

不，再說一遍，除了付款問題外，我們沒有與能源部長進行任何談判。因此，我理解對於那些已經成熟的項目，將會進一步延長幾個月，據推測，在那之後，它們將由 ENARSA 重新歸國有。但我不知道接下來的計畫是什麼，是否會進行營運維護拍賣。我不知道。無資訊。

Thank you, Gus. Next one from Florencia. She wants to know when we start to see lower CapEx.

謝謝你，格斯。下一篇來自弗洛倫西亞。她想知道我們什麼時候開始看到資本支出下降。

I think CapEx will be lower than the previous year. For example, in terms of natural gas and thanks to the excellent productivity of the last wells that we have drilled, we don't need to drill any new well until the beginning of next winter, just a few wells in order to maintain production flat approximately three, four wells.

我認為資本支出將低於去年。例如天然氣方面，由於我們最後鑽的井產能非常好，到明年冬天開始之前我們不需要再鑽新井，只需要打幾口井就可以維持產量持平。

Yes, three, four wells to keep production flat and those willing to be in operation by the beginning of next winter, winter of 2025. And the CapEx that will continue to be high will be in order to develop Rincon de Aranda, which we are eager to do them.

是的，三、四口井要保持產量平穩，而那些願意在明年冬初（即 2025 年冬季）投入營運的井。持續高位的資本支出將用於開發 Rincon de Aranda，我們渴望這樣做。

Thank you, Gus. We have one more question from Ezequiel Fernandez from Balanz. He asks, when could Pampa start paying corporate taxes, do you still have tax assets for lost harvesting?

謝謝你，格斯。來自 Balanz 的 Ezequiel Fernandez 還有一個問題。他問，潘帕什麼時候可以開始繳企業稅，你們還有因收成損失而繳納的稅收資產嗎？

We believe, yes, we continue to have a tax tariff forward loss that will probably extinguish 1.5 years from now, so probably in 2026. It will be the first that will be a year where that loss carryforward will extinguish.

我們相信，是的，我們仍然存在關稅遠期損失，這種損失可能會在 1.5 年後（即 2026 年）消失。這將是損失結轉第一次消失的一年。

Thank you very much. Next one is from David Pardo from Puente Hermanos. He says as YPF and (inaudible) have recently retained the international markets. Do you expect to issue new debt during the year?

非常感謝。下一篇來自 Puente Hermanos 的 David Pardo。他說，YPF 和（聽不清楚）最近保留了國際市場。您預計年內發行新債嗎？

So, hello, everyone. So as of today, we have a solid financial position and we don't have significant maturities until 2027. So we are not in a hurry to issue new debt in international markets right now. So I think we will only do that in the case we need financing for an M&A opportunity or if there is a really good window in the market, but there is not a particular need right now.

那麼，大家好。因此，截至今天，我們的財務狀況穩健，且在 2027 年之前不會有重大到期日。因此，我們現在並不急於在國際市場發行新債。所以我認為我們只會在需要為併購機會融資或市場確實有一個很好的窗口的情況下才會這樣做，但現在還沒有特別的需要。

Also, in our last shareholders' meeting, we approved the issuance of our convertible one. So probably if market conditions are met, we could do that, and it will be an interesting opportunity to finance the company at very competitive rates, also taking into account that we repurchased almost 30% of our ADRs at much lower price.

此外，在上一次股東大會上，我們批准了可轉換債券的發行。因此，如果市場條件得到滿足，我們可能會這樣做，這將是一個以極具競爭力的利率為公司融資的有趣機會，同時考慮到我們以低得多的價格回購了近30% 的ADR 。

Thank you, Nico. Next questions are from (inaudible). First one says, what would be the impact of the new investment regime included in the omnibus bill for Pampa?

謝謝你，尼科。接下來的問題來自（聽不清楚）。第一個問題是，潘帕綜合法案中所包含的新投資制度會產生什麼影響？

The impact will be that big infrastructure projects that are difficult to finance and this scheme makes it more possible. So though that is the benefit of the scheme that big infrastructure projects that have a modest IRR, the fiscal incentives makes it possible. That is not for Pampa, that's basically the incentive of the RIGI for all big infrastructure projects.

其影響將是難以融資的大型基礎設施項目，而該計劃使其變得更加可能。因此，儘管大型基礎設施項目的內部收益率較低，但財政激勵措施使其成為可能。這不是針對潘帕的，這基本上是 RIGI 對所有大型基礎設施項目的激勵。

Thank you, Gus. The next one says, if CapEx is lower this year, could we expect a dividend distribution?

謝謝你，格斯。下一篇說，如果今年資本支出較低，我們可以期待股利分配嗎？

We haven't taken that decision within that Argentina has proven to be -- has always proven to be a very volatile market and Pampa's strong financial position has proven to be the right strategy and you can see that in this situation, we have almost, we have not received any payment from CAMMESA, which is accounts from 40%, 45% of our sales. We haven't received any payment for four months. That would have put us in a stress situation that is basically $200 million working capital need.

我們還沒有做出這樣的決定，事實證明，阿根廷一直是一個非常不穩定的市場，而潘帕強大的財務狀況已被證明是正確的策略，你可以看到，在這種情況下，我們幾乎，我們還沒有收到 CAMMESA 的任何付款，該款項占我們銷售額的 40%、45%。我們已經四個月沒有收到任何付款了。這將使我們陷入基本上需要 2 億美元營運資金的壓力境地。

And so we are very happy to have the strong financial situation that we see. On the other hand, it allows us to pursue M&A transactions that we don't have anything in the pipeline write-down, but we like to be ready if an opportunity appears. So that's a corporate strategy as of now.

因此，我們很高興擁有我們所看到的強勁的財務狀況。另一方面，它允許我們進行併購交易，我們在管道中沒有任何減記，但我們希望在機會出現時做好準備。這就是目前的公司策略。

All right. Next question from [Ignacio]. I think it's pronounced from Iberdrola SA. Do you think that there's still room for lower lifting cost in shale oil? Or at this level, the company reached bottom?

好的。下一個問題來自[伊格納西奧]。我認為它是從 Iberdrola SA 發音的。您認為頁岩油開採成本還有降低的空間嗎？或者到了這個水平，公司就已經觸底了嗎？

Hi. We definitely see the possibility of lowering significantly the shale oil lifting costs because we are basically working today with extended testing facility. So once we have the final facility in place, we will see a significant reduction in our lifting costs.

你好。我們確實看到了顯著降低頁岩油開採成本的可能性，因為我們今天基本上正在使用擴展的測試設施。因此，一旦我們最終的設施到位，我們將看到吊運成本顯著降低。

Thank you, Horacio. Next question from Santiago Herrera from Allaria. He says, in respect to Transener, CAMMESA paid in April, the outstanding debt of 42 -- $25 million on previous quaters.

謝謝你，奧拉西奧。下一個問題來自 Allaria 的 Santiago Herrera。他說，就 Transener 而言，CAMMESA 於 4 月支付了前幾季 4,200 至 2,500 萬美元的未償債務。

All the transmission companies, CAMMESA is current on transmission with transmission companies, the CAMMESA. There's been an -- I think it was in February a resolution of the Secretary of Energy given transmission company priority vis-a-vis other creditors of CAMMESA. And so transmission companies are being paid on time. So I don't know what the ARS42 million debt that he's referring to. I don't know what is that.

所有傳輸公司 CAMMESA 目前都在與傳輸公司 CAMMESA 進行傳輸。我認為能源部長在 2 月通過了一項決議，賦予輸電公司相對於 CAMMESA 的其他債權人的優先權。因此，輸電公司能夠按時收到付款。所以我不知道他所說的4200萬阿根廷比索的債務是什麼。我不知道那是什麼。

Thank you. Next one from David Pardo from Puente Hermanos. This is what do you expect --what do you expect Pampa's output through Duplicar to be once it is online.

謝謝。下一篇來自 Puente Hermanos 的 David Pardo。這就是您所期望的——一旦 Duplicar 上線，您期望 Pampa 的輸出是什麼。

We acquired 1,000 cubic meters per day of additional capacity through the Duplicar. So that's going to be the additional out. That's 1,000 cubic meters, 6,000 barrels.

我們透過 Duplicar 獲得了每天 1,000 立方米的額外容量。所以這將是額外的支出。那是 1,000 立方米，6,000 桶。

Thank you, Horacio. Next question comes from Fabio Brando. Could you please explain the deferred tax account in more in detail? Has it had a significant impact on the net income? Also why does higher inflation and currency depreciation affected?

謝謝你，奧拉西奧。下一個問題來自法比奧·白蘭度。您能更詳細地解釋一下遞延稅款帳戶嗎？對淨利潤有重大影響嗎？另外，為什麼通膨上升和貨幣貶值會受到影響？

Perfect. So the basic explanation is that for tax purposes, fixed assets are valued in pesos adjusted by inflation. So when inflation is higher than the valuation, they are appreciated in dollars. Consequently, the depreciation for tax purposes is higher than the one in the balance sheet, generating a tax credit for the company. This happens basically because our financial statements use the US dollar as its functional currency. But for tax purposes, you have to use pesos.

完美的。因此，基本的解釋是，出於稅收目的，固定資產以經過通貨膨脹調整的比索計價。因此，當通貨膨脹高於估值時，它們就會以美元升值。因此，出於稅收目的的折舊高於資產負債表中的折舊，從而為公司帶來稅收抵免。發生這種情況主要是因為我們的財務報表使用美元作為其功能貨幣。但出於稅收目的，您必須使用比索。

There's a lot of questions, but we hit the top of the hour. Actually we are --

有很多問題，但我們已經到了最重要的時刻。其實我們是--

Anything relevant that we haven't covered?

有什麼我們沒有涉及的相關內容嗎？

No. We covered most. Do you hear me well?

不。我們涵蓋了大部分。你聽得清楚嗎？

Yes.

是的。

Yes.

是的。

Fair well. So we covered all the topics, the most important topics of this quarter. We are one hour, 15. The few questions left, they are very minimal, but we will, as you know, Raquel and I will cover you. We will try to reach you all and answer them or if you have any questions that we didn't have in this call, I think we did, just don't mind to contact us to reach us out and talk about it.

還不錯。所以我們涵蓋了所有主題，本季最重要的主題。我們還有 1 小時，15 個小時。我們將盡力聯繫你們所有人並回答他們，或者如果你們有任何我們在這次電話會議中沒有提出的問題，我想我們做到了，只是不介意聯繫我們聯繫我們並討論它。

We thank you very much for joining our call. It was a pretty full one. If you have any questions, you know how to reach us out. You can e-mail us or contact through the website. Thank you so much and have a good day.

我們非常感謝您加入我們的電話會議。這是一個相當完整的。如果您有任何疑問，您知道如何聯絡我們。您可以給我們發電子郵件或透過網站聯繫。非常感謝您，祝您有美好的一天。