Pampa Energia SA (PAM) 2024 Q2 法說會逐字稿

Good morning, everyone. Thank you for waiting. I'm Raquel Cardasz from IR, and we would like to welcome everyone to Pampa Energia's second-quarter 2024 results video conference. We would like to inform you that this event is being recorded. (Event Instructions)

大家早安。謝謝您的等待。我是來自 IR 的 Raquel Cardasz，我們歡迎大家參加 Pampa Energia 的 2024 年第二季業績視訊會議。我們謹通知您，該事件正在被記錄。（活動須知）

Before proceeding, please read the disclaimer in 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. 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.

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 的管理層信念和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。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。

Hi. Thank you, Raquel. Hello, everyone, and thank you for joining our conference call. I will make a quick summary of the Q2. You may find more details in our earnings release and financial statements. Today, we are having a Q&A with our CFO, Mr. Nicolas Mindlin; Mr. Horacio Turri, our Head of E&P is here; and Adolfo Zuberbuhler, our Head of Finance is also here. Unfortunately, our CEO, Gustavo Mariani can't join us today, because he is in Vaca Muerta hosting our President Milei.

你好。謝謝你，拉奎爾。大家好，感謝您參加我們的電話會議。我將對 Q2 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。今天，我們與我們的財務長 Nicolas Mindlin 先生進行了問答；我們的勘探與生產主管Horacio Turri先生來了；我們的財務主管 Adolfo Zuberbuhler 也在這裡。不幸的是，我們的執行長古斯塔沃·馬裡亞尼今天無法加入我們，因為他在瓦卡穆爾塔接待我們的總裁米雷。

The gas production is what definitely stands out the quarter's figures. Again, we've beaten all company records, delivering a 37% increase year on year in Q2 and recording a new daily record high of 16.8 million cubic meters per day. The output surge is explained by the latest Plan Gas contract we've been awarded, enabled by the new pipeline built last year. It also helped the early winter freeze, driving retail and thermal power generation. The production increase is backed by shale gas, harvesting the campaign we began last year.

天然氣產量絕對是本季數據中最引人注目的。我們再次打破了所有公司記錄，第二季度年增 37%，並創下每日 1,680 萬立方米的新高。產量激增的原因是我們獲得的最新計劃天然氣合同，該合同是由去年建成的新管道啟用的。它還幫助初冬結冰，推動零售和火力發電。產量的增加得到了頁岩氣的支持，並收穫了我們去年開始的活動。

Shale gas now represents almost half of our total output this quarter, a significant increase compared to last year's 23%. Therefore, this quarter, the adjusted EBITDA amounted to $288 million, an increase of 30% compared to last year's figure, mainly because of the gas outperformance and TGS's contribution, which surged by the 675% tariff hike granted in April. Lower gas exports, sales to industries and thermal dispatch partially offset these effects.

頁岩氣目前幾乎佔本季總產量的一半，與去年的 23% 相比顯著增加。因此，本季調整後的 EBITDA 為 2.88 億美元，較去年增長 30%，主要是由於天然氣表現出色以及 TGS 的貢獻，該貢獻因 4 月份批准的 675% 關稅上調而大幅增長。天然氣出口、工業銷售和熱力調度的下降部分抵消了這些影響。

The quarter-on-quarter increase is explained by the seasonality and CAMMESA's haircut recorded in Q1 and last year Q4. It is worth noting that almost 80% of the quarter's EBITDA was dollar link and the share now is led by E&P, which is mainly due to the gas production. CapEx in Q2 is 28% lower year on year, mainly because in Q3 -- in 2023, we had a strong shale gas drilling and completion campaign and the construction of PEPE 4. This was partially offset by the last disbursements of PEPE 6, which is estimated to be fully commissioned by October this year and the beginning of the pilot plan for shale oil in Rincon de Aranda.

季度環比增長的原因是季節性以及 CAMMESA 第一季和去年第四季度記錄的削減。值得注意的是，該季度 EBITDA 的近 80% 與美元掛鉤，目前該份額由 E&P 主導，這主要歸功於天然氣生產。第二季的資本支出較去年同期下降 28%，主要是因為在第三季（即 2023 年），我們進行了強勁的頁岩氣鑽完井活動以及 PEPE 4 的建設。這部分被 PEPE 6 的最後一筆支出所抵消，預計該項目將於今年 10 月全面投入使用，並且林孔德阿蘭達頁岩油試點計劃也將開始。

Moving on to the power generation segment, as seen on slide 4 -- 5, sorry, we posted an adjusted EBITDA of $106 million in Q2. This is 9% higher year on year, mainly explained by lower operating costs, the full commissioning of PEPE 4 in June last year and the strong spot sales in Genelba, partially offset by reduced Energia Plus, sales which is in line with the decline in industrial activity, in addition to Mario Cebreiro's divestment last year.

轉向發電領域，如幻燈片 4 - 5 所示，抱歉，我們公佈的第二季調整後 EBITDA 為 1.06 億美元。同比成長 9%，主要是由於營運成本降低、去年 6 月 PEPE 4 全面投產以及 Genelba 現貨銷售強勁，但 Energia Plus 銷量減少部分抵消了這一影響，該銷量與 Energia Plus 銷量下降一致工業活動，以及馬裡塞布雷羅（Mario Cebreiro）去年的撤資。

Due to dispatch increase 3% year on year, this is mainly due to the lower gas availability for thermal dispatch that mainly affected our CCGTs, partially offset by a better dispatch in the old CCGT at Genelba, which in Q2 last year had more days out of service for maintenance. Higher water levels at Mendoza Hydro's and PEPE 4's contribution. Take or pay capacity payment, especially from PPAs, explains most of the EBITDA, it is driven by availability and in Q2, we reached 98% availability, this is higher than last year's 95%, mainly due to the previous year's thermal outages that we mentioned.

由於調度年增3%，這主要是由於熱調度的天然氣供應量較低，這主要影響了我們的CCGT，但部分被Genelba 舊CCGT 的更好調度所抵消，去年第二季度，該系統有更多的停工天數的維修服務。Mendoza Hydro 和 PEPE 4 貢獻的水位較高。採取或支付容量付款，特別是來自購電協議，解釋了大部分EBITDA，它是由可用性驅動的，在第二季度，我們達到了98% 的可用性，這高於去年的95%，主要是由於我們去年的熱停電提及。

So now turning -- let me give you a quick brief on PEPE 6. The expansion, the project. It's highly advanced, 94% between July and August 10, Vestas wind turbines were commissioned by CAMMESA, totally 45 megawatts. We are testing to commission another four. The 500 kV high voltage grid and transformer station have been fully energized as well as free wind turbine circuits. The estimated full COD will be in October and PEPE 6 energy will be sold under B2B PPAs in the mater.

現在，讓我向您簡要介紹一下 PEPE 6。擴建，項目。非常先進，7月至8月10日期間，維斯塔斯風力渦輪機的94%是由CAMMESA調試的，總計45兆瓦。我們正在測試委託另外四個。500kV高壓電網及變電站已全面通電，風扇線路已空閒。預計全部 COD 將於 10 月完成，PEPE 6 能源將在本次 B2B PPA 下出售。

Going on, on slide 8, our E&P business posted an adjusted EBITDA of $121 million in Q2, this is 24% higher year on year. This increase was driven by Plan Gas's latest round unlocked by the commissioning of the new gas pipeline in which we were awarded a long-term contract for 4.8 million cubic meters per day flat during the year. The early freeze also helped lower gas exports and sales to industries offset this. In Q2, our total production averaged almost 91,000 barrels per day. This is 35% higher than last year.

接下來，在投影片 8 上，我們的勘探與生產業務第二季調整後 EBITDA 為 1.21 億美元，年增 24%。這一增長是由 Plan Gas 因新天然氣管道調試而解鎖的最新一輪融資推動的，其中我們在年內獲得了每天 480 萬立方米的長期合約。早期凍結也有助於減少天然氣出口和工業銷售，抵消了這種影響。第二季度，我們的平均總產量接近 91,000 桶/日。比去年高出 35%。

When we zoom in crude oil just represented 6% of our E&P output and 50% of the segment's revenue. Total gas just keeps taking the lead, representing 94% of our total production. Higher maintenance and treatment costs due to the increased activity and explain that our total lifting cost grew by 11% year on year, still the rising output possibly impact the lifting cost per boe, which decreased 17% year on year, recording $5.3 per boe and monetizing the economies of scale.

當我們放大時，原油僅占我們勘探與生產產量的 6% 和該部門收入的 50%。Total Gas 繼續保持領先地位，占我們總產量的 94%。由於活動增加，維護和處理成本較高，這解釋了我們的總提升成本同比增長了11%，但產量的增加可能會影響每桶油當量的提升成本，同比下降17%，每桶油當量為5.3 美元，將規模經濟貨幣化。

Quickly commenting on gas, our production in Q2 increased by 37% year on year and 24% quarter on quarter. This is average in almost 50 million cubic meters per day in the quarter. As commented before, shale gas is the main contributor here and 63% of the quarter's production came from El Mangrullo and 23% from Sierra Chata, our flagship shale gas fields.

快速評論天然氣，我們第二季的產量年增 37%，季增 24%。本季平均每天產量近 5,000 萬立方公尺。如前所述，頁岩氣是這裡的主要貢獻者，本季產量的 63% 來自 El Mangrullo，23% 來自我們的旗艦頁岩氣田 Sierra Chata。

Sierra Chata production grew 50% year on year without connecting or drilling a well this quarter. While El Mangrullo experienced 45% surge with only three wells tied-in. The average gas price over the quarter stood at $4 per million BTU, this is 14% down due to the lower exports to Chile, as you can see right below, the higher deliveries of local gas were destined for thermal power generation.

本季度，在未連接或鑽探井的情況下，Sierra Chata 產量年增 50%。而 El Mangrullo 則在只有 3 口井併網的情況下，產量激增了 45%。本季的平均天然氣價格為每百萬英熱單位 4 美元，下降了 14%，原因是對智利的出口量減少，如下圖所示，當地天然氣的交付量較高，用於火力發電。

This is a quick review on Rincon de Aranda sharing the promising results. Horacio surely will comment more on the Q&A. As you can see here, our wells performance is within the range in our neighboring shale oil blocks and our daily production reached above 1,600 barrels per day once we connected the shutting well in June. We have already placed a drilling rig in the block to start drilling a pad of four wells plus another pad next year. You mean to produce by mid-next year and reaching plateau production between 40,000, 45,000 barrels per day by 2027.

這是對 Rincon de Aranda 的快速回顧，分享了有希望的結果。奧拉西奧肯定會對問答做出更多評論。正如您在這裡所看到的，我們的油井性能處於鄰近頁岩油區塊的範圍內，並且在 6 月連接關井後，我們的日產量達到了 1,600 桶以上。我們已經在該區塊放置了一台鑽機，明年將開始鑽探一個由四口井組成的平台，再加上另一個平台。您的意思是到明年年中生產，到 2027 年產量達到每天 40,000 至 45,000 桶的穩定水平。

The petrochemical business, moving on to another business, posted a $15 million EBITDA in Q2. This is 50% growth year on year, mainly because of the higher sales of reforming and improved exports of SBR margins offset by the domestic sales due to the economic downturn. Hence the export share is getting more and more important.

石化業務轉向另一項業務，第二季 EBITDA 為 1500 萬美元。年比成長50%，主要是由於重整銷量的增加以及丁苯橡膠出口利潤率的提高，被經濟低迷導致的國內銷量所抵消。因此，出口份額變得越來越重要。

Moving on to slide 12, we show the restricted group figures that reflect the bond perimeter. In Q2, we recorded a free cash flow of $60 million. Our working capital have recovered since CAMMESA's last quarter. As of today, days of sales outstanding is 55 days total. This means a delay of only 13 days. The payment normalization allow us to cancel debt. So the net debt is significantly below last quarter as you can see here. In summary, we increased $69 million of net cash in the quarter, achieving a $914 million cash position by the end of the period.

轉到投影片 12，我們顯示了反映鍵週長的受限組圖。第二季度，我們的自由現金流為 6,000 萬美元。自 CAMMESA 上個季度以來，我們的營運資金已經恢復。截至今天，應收帳款天數總計為 55 天。這意味著僅延遲 13 天。付款正常化使我們能夠取消債務。因此，正如您在此處看到的那樣，淨債務明顯低於上季。總之，我們在本季增加了 6,900 萬美元的淨現金，到期末現金部位達到 9.14 億美元。

Well, this slide shows our consolidated financial position, including our affiliates of ownership, but let's keep it focusing on restricted group figures. We posted a gross debt of $1.6 billion. This is 3% lower year on year and a 5% growth in cash. After settling peso debts and depreciations, the peso 92% of the gross debt is in US dollars. The net debt recorded $691 million. This is 12% year on year lower and one-time to last 12 months EBITDA net leverage. The average life was 2.6 years, and until 2027, we just don't face any relevant debt maturity.

好吧，這張幻燈片顯示了我們的綜合財務狀況，包括我們的所有權附屬公司，但讓我們繼續專注於受限制的集團數據。我們公佈的總債務為 16 億美元。年減 3%，現金成長 5%。在解決比索債務和貶值後，比索債務總額的 92% 是美元。淨債務為 6.91 億美元。這比去年同期下降了 12%，也是過去 12 個月 EBITDA 淨槓桿率的一次性下降。平均壽命為 2.6 年，直到 2027 年，我們才不會面臨任何相關的債務到期。

So this concludes our presentation. Now we'll turn the word to Raquel who will poll for the questions. Thank you very much.

我們的演講到此結束。現在我們將轉給 Raquel，她將投票回答問題。非常感謝。

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

非常感謝你，利達。現在大家可以提問。（活動須知）

Thank you very much for waiting. Our first question comes from Alejandra Andrade from JPMorgan. First one says, how are CAMMESA payments? She wants to know how are CAMMESA payments nowadays?

非常感謝您的等待。我們的第一個問題來自摩根大通的亞歷杭德拉·安德拉德。第一個說，CAMMESA 付款怎麼樣？她想知道現在 CAMMESA 付款情況如何？

Hello, everybody. Okay, so CAMMESA is paying quite well. As of today, we are not experiencing any delay, which is in line with historical minimums, as Lida showed in the presentation. On the other hand, ENARSA has been paying with a delay of almost a month. But we understand that this should normalize in the coming months. And in any case, we are seeing goodwill and reasonable delays in line with the historical minimums that we have seen.

大家好。好的，所以 CAMMESA 的報酬相當不錯。截至今天，我們沒有遇到任何延遲，這符合歷史最低水平，正如 Lida 在演示中所示。另一方面，ENARSA 的付款卻延遲了近一個月。但我們知道，這種情況應該會在未來幾個月內恢復正常。無論如何，我們看到了善意和合理的延誤，符合我們所看到的歷史最低水平。

Thank you, Nico. In line with this, she also asks the $23 million impairments are unrecognized CAMMESA interests.

謝謝你，尼科。與此一致，她還要求 2,300 萬美元的減損是未確認的 CAMMESA 權益。

Yes. So as we communicated at the time, we accepted CAMMESA's proposal to settle transactions for December and January with the a 38 bonds. So this proposal did not recognize accrued interest. So considering the bond market prices at the time of the payment, we recognize a loss of $53 million, of which $23 million were unrecognized interest.

是的。因此，正如我們當時溝通的那樣，我們接受了 CAMMESA 的提議，以 a 38 債券結算 12 月和 1 月的交易。因此，該提案不承認應計利息。因此，考慮到付款時的債券市場價格，我們確認了 5,300 萬美元的損失，其中 2,300 萬美元是未確認的利息。

Thank you, Nico. The third question of Alejandra, she asked, how are the infrastructure projects progressing?

謝謝你，尼科。Alejandra的第三個問題，她問，基礎建設計畫進度如何？

Good morning, everybody. Well, we have two main lines of infrastructure, the gas pipelines and the oil pipelines. In terms of -- let's go first to the gas pipelines. We are probably going to see the end of the reversion of the NOA pipeline by September or October of this year. So this will provide gas to the north of Argentina and reduce considerably the imports from Bolivia.

大家早安。嗯，我們有兩條主要的基礎設施，天然氣管道和石油管道。就而言——讓我們先討論天然氣管道。我們可能會在今年 9 月或 10 月看到 NOA 管道恢復工作的結束。因此，這將為阿根廷北部提供天然氣，並大大減少從​​玻利維亞的進口。

On the other hand, TGS has already presented initiative privada to the government in order to expand the transportation capacity of the existing Nestor Kirchner Pipeline with the addition of compression in the first tranche and some works in the TGS infrastructure that would boost the capacity transportation or the transportation capacity to approximately 14 million cubic meters per day of additional gas. This is currently being already presented to the government and it's being analyzed.

另一方面，TGS 已向政府提出了私有倡議，以擴大現有 Nestor Kirchner 管道的運輸能力，在第一部分增加壓縮，並在 TGS 基礎設施中進行一些工程，以提高運輸能力或運輸能力達到每天約1400萬立方米的額外天然氣。目前，該資訊已提交給政府並正在分析。

It's a very important infrastructure project to be take into account. In terms of oil, we will have by March, April of next year. The Duplicar project of old Del Valle already commissioned, that will give additional 300,000 barrels per day of transportation capacity. We will also have the tranche one of the Vaca Muerta Sur project from YPF, going from Loma Campana to Argen.

這是一個需要考慮的非常重要的基礎設施項目。就石油而言，我們將在明年三月、四月之前獲得。舊Del Valle的Duplicar計畫已經投入使用，將增加每天30萬桶的運輸能力。我們還將獲得 YPF 的 Vaca Muerta Sur 項目的第一部分，從洛馬坎帕納到阿爾根。

So call this the collector of the main pipeline. That is also in progress now in the engineering phase, which is the connection of Argen to Punta Gorda. That will be commissioned by the first tranche by September of 2026 with approximately 180,000 barrels per day. And an additional 180,000 in September 2026, and an additional 180,000 barrels per day by September of 2027. And currently they're analyzing the possibility of an additional 20,000 cubic meters more or 120,000 barrels more by the end of -- by September 2027. This basically resumes the new infrastructure projects that are currently in progress in Argentina.

所以稱為主管道的收集器。目前工程階段也正在進行中，即連接阿爾根和蓬塔戈爾達。第一批專案將於 2026 年 9 月投入使用，產量約為每天 18 萬桶。2026 年 9 月產量增加 18 萬桶，2027 年 9 月產量每天增加 18 萬桶。目前他們正在分析到 2027 年 9 月底額外增加 20,000 立方米或 120,000 桶的可能性。這基本上恢復了阿根廷目前正在進行的新基礎設施項目。

Thank you, Horacio. Last question from Alejandra, she asked if we have expectations of returning to international market.

謝謝你，奧拉西奧。Alejandra 的最後一個問題是，她問我們是否有重返國際市場的期望。

Okay. So this is a good question. So we know there is currently an interesting window in the market for Argentine corporates. And as you know, our financial position is quite solid. And our next significant maturity is in January 2027. This is a $750 million bond with a 7.5% coupon, which is below the yields of Pampa's bonds right now. And comparables and recent issuance from companies, for example, TGS.

好的。所以這是一個好問題。所以我們知道目前阿根廷企業的市場有一個有趣的窗口。如您所知，我們的財務狀況相當穩固。我們的下一個重要成熟期是 2027 年 1 月。這是一張價值 7.5 億美元的債券，票面利率為 7.5%，低於目前潘帕的債券殖利率。以及類似公司和最近發行的公司，例如 TGS。

On the other hand, our cash position of nearly $1 billion allows us to comfortably meet our debt maturities and growth plans such as Rincon de Aranda in the coming years. So for this reason, we are not in a hurry to undertake a liability management at the moment and to tap the markets. But we will closely monitor market conditions and do not rule out doing something early if the conditions are favorable or for example, if there is an M&A opportunity in the market.

另一方面，我們近 10 億美元的現金狀況使我們能夠輕鬆滿足未來幾年的債務到期和成長計劃，例如 Rincon de Aranda。因此，我們目前並不急於進行負債管理和開拓市場。但我們會密切注意市場狀況，如果條件有利或市場上有併購機會，不排除儘早採取行動。

Thank you, Nico. The next question comes from Alejandro Demichelis from Jefferies. He asks, what participation can we expect from Pampa in the recently announced LNG export project?

謝謝你，尼科。下一個問題來自 Jefferies 的 Alejandro Demichelis。他問道，我們可以期望潘帕參與最近宣布的液化天然氣出口計畫嗎？

We definitely will have a very active participation in the LNG export project. We are still in the process of analyzing the project and our participation, but it's definitely the way out to our massive gas resources in Vaca Muerta.

我們肯定會非常積極參與液化天然氣出口計畫。我們仍在分析該項目和我們的參與情況，但這絕對是我們在瓦卡穆爾塔的大量天然氣資源的出路。

Thank you, Horacio. Next questions come from Marina Mertens from Latin Securities. First one says, Rincon de Aranda has delivered promising results. How do you anticipate crude oil production will develop in 2024 and 2025, given the planned midstream expansions? And what additional evacuation capacity will be needed to meet your 2027 production targets?

謝謝你，奧拉西奧。接下來的問題來自拉丁證券公司的瑪麗娜‧梅爾滕斯 (Marina Mertens)。第一個說，Rincon de Aranda 取得了有希望的成果。鑑於計畫的中游擴張，您預計 2024 年和 2025 年原油產量將如何發展？需要多少額外的疏散能力才能滿足 2027 年的生產目標？

Okay. 2024, we don't foresee any increase in our production in Rincon de Aranda, basically two wells that are already being hooked into the production lines. By 2025, as Lida mentioned before, we will be probably drilling and completing two pads, and that will give us the possibility of boosting our production to around 10,000 to 12,000 barrels per day.

好的。到 2024 年，我們預計 Rincon de Aranda 的產量不會有任何增加，基本上有兩口井已經連接到生產線。正如 Lida 之前提到的，到 2025 年，我們可能會鑽探併完井兩個平台，這將使我們有可能將產量提高到每天 10,000 至 12,000 桶左右。

And that matches as well our transportation capacity from under well and the possibility of acquiring additional capacity from companies that will have idle transportation capacity in the Duplicar project. By 2027, we foresee, as I mentioned before that the Vaca Muerta Sur of YPF will be finished and we have an overall capacity contracted of approximately 48,000 barrels. So hopefully by the end of 2027 at least, our aim is to be in the range of 45,000 to 48,000 barrels per day.

這也與我們從地下獲得的運輸能力以及從 Duplicar 項目中擁有閒置運輸能力的公司獲得額外能力的可能性相匹配。正如我之前提到的，我們預計到 2027 年，YPF 的 Vaca Muerta Sur 專案將完工，我們的合約總產能約為 48,000 桶。因此，希望至少到 2027 年底，我們的目標是達到每天 45,000 至 48,000 桶。

Thank you, Horacio. Next question from Marina says, considering the increase in natural gas production, is it realistic to expect that it could remain stable through the summer when local demand declines?

謝謝你，奧拉西奧。瑪麗娜的下一個問題是，考慮到天然氣產量的增加，噹噹地需求下降時，預期天然氣產量在整個夏季保持穩定是否現實？

Well, Argentina is a seasonal market with a strong component of domestic demand, so I don't think it's realistic to think that the demand will be constant during the off peak or the non-winter season.

嗯，阿根廷是一個季節性市場，國內需求佔很大一部分，所以我認為認為在淡季或非冬季需求會保持不變是不切實際的。

Thank you, Horacio. Next questions come from Bruno Montanari from Morgan Stanley. First one says, how is natural gas demand performing into third quarter 2024? Can we expect higher volumes versus this quarter?

謝謝你，奧拉西奧。接下來的問題來自摩根士丹利的布魯諾·蒙塔納裡。第一個問題是，2024 年第三季天然氣需求表現如何？我們可以預期本季的銷量會增加嗎？

Okay. Well, so far we only have one month of the third quarter, which is July. In July last year, we delivered around 10.8 million cubic meters per day compared to 15.3 million this year, so we are 42% up. July '24, '23 and August is just starting, so it's hard to say, what's going to happen because it's very much variable depending on, particularly on the weather.

好的。到目前為止，我們只有第三季的一個月，即 7 月。去年 7 月，我們每天交付約 1,080 萬立方米，而今年為 1,530 萬立方米，成長了 42%。24年7月、23年7月和8月才剛開始，所以很難說會發生什麼，因為它的變化很大，取決於天氣，尤其是天氣。

Thank you, Horacio. Next question from Bruno says, what is the potential maximum volume of natural gas production once Nestor Kirchner, the second tranche is delivered and how much would Pampa Energia choose to achieve that production?

謝謝你，奧拉西奧。Bruno 提出的下一個問題是，第二批 Nestor Kirchner 交付後，潛在的最大天然氣產量是多少？

Okay. We were awarded in the last round of the Plan Gas with the 4.8 million cubic meters per day on a flat basis. So the commissioning of the compression plants do not change our participation in Plan Gas. So we already reached our demand on Plan Gas basis. So we don't see an additional production due to the -- and I understand that you are asking about the commissioning of the two compression plants. So we don't see an additional capacity affecting the Pampa's demand on Plan Gas. So that was the first question.

好的。我們在上一輪天然氣計畫中獲得了每天 480 萬立方公尺的固定供應量。因此，壓縮廠的調試並不會改變我們對 Plan Gas 的參與。所以我們已經達到了 Plan Gas 的需求。因此，我們沒有看到額外的生產，因為——據我所知，您正在詢問兩個壓縮設備的調試情況。因此，我們認為額外的產能不會影響潘帕對計畫天然氣的需求。這是第一個問題。

And the other one, in order to keep the production levels that we have, both Plan Gas and plus exports, plus industries, we foresee approximately four to six wells being drilled per year in order to just keep the constant production rates. So that would amount to approximately $100 million per year with no increase in our production curve. Just keeping our curve as it is.

另一方面，為了保持我們的生產水平，包括計劃天然氣和出口以及工業，我們預計每年大約鑽探四到六口井，以保持恆定的生產率。因此，在我們的生產曲線不增加的情況下，這將達到每年約 1 億美元。只要保持我們的曲線不變即可。

The last question from Bruno says, can you talk about the evolution of the project to develop the company's shale oil acreage? Is the company on track to deliver the plan for 40,000 barrels per day plateau by 2027? What are the infrastructure bottlenecks and investments required to reach the production plateau?

布魯諾的最後一個問題是，您能談談開發公司頁岩油面積專案的進度嗎？該公司是否預計將實現 2027 年實現 40,000 桶/日穩定產量的計畫？達到生產平台期所需的基礎設施瓶頸和投資是什麼？

Okay. Well, I already mentioned that we are currently drilling our second pad in Rincon de Aranda and we will be drilling two pads, additional pads in 2025. The bottlenecks basically have to do with treatment and transportation. In terms of treatment, we are already starting the construction of all the necessary evacuation pipelines and -- pipelines, in terms of oil pipelines and gas pipelines and temporary production facilities both owned by Pampa and eventually being negotiated with neighbors in order to be able to deliver those 10,000 to 12,000 barrels per day I mentioned before by 2025.

好的。嗯，我已經提到過，我們目前正在 Rincon de Aranda 鑽探第二個焊盤，我們將在 2025 年鑽探兩個焊盤，另外還有更多焊盤。瓶頸主要與治療和運輸有關。在處理方面，我們已經開始建造所有必要的疏散管道，以及潘帕擁有的石油管道和天然氣管道以及臨時生產設施，最終正在與鄰國進行談判，以便能夠到2025 年，每天交付我之前提到的10,000 至12,000 桶。

And also, we are currently finishing the engineering of our central processing facility that will have four blocks, basically the oil plant, the gas treatment plant, the water disposal plant and the generation plant that will be ready by May 2026 for the first tranche of 3,500 cubic meters per day. And by September, October '26, the second tranche of an additional 3,500, totaling 7,000 cubic meters per day or 42,000 barrels per day.

此外，我們目前正在完成中央處理設施的工程，該設施將有四個區塊，主要是石油廠、天然氣處理廠、水處理廠和發電廠，將於2026 年5 月為第一批項目準備就緒。到 2026 年 9 月，第二批增加 3,500 桶，總計每天 7,000 立方米，即每天 42,000 桶。

So in parallel with our evacuation and treatment from the Rincon de Aranda itself, we are currently negotiating with YPF our participation in the Vaca Muerta Sur connecting Argen to Punta Gorda for, again, I mentioned before, 48,000 barrels per day. We already have contracted with YPF. The transportation from Loma Campana to Argen through the contract of the Vaca Muerta Sur.

因此，在我們從Rincon de Aranda 本身進行疏散和治療的同時，我們目前正在與YPF 就參與連接阿爾根和蓬塔戈爾達的Vaca Muerta Sur 項目進行談判，我之前提到過，每天的產量為48,000 桶。我們已經與YPF簽訂了合約。透過 Vaca Muerta Sur 的合約從洛馬坎帕納到阿爾根的運輸。

Thank you, Horacio. Next questions come from Anne Milne from Bank of America. First one she says, can you give us an update on the construction of various infrastructure needed to grow Argentina and Pampa's oil and gas business in Argentina? If there are any delays, how do you think they will be?

謝謝你，奧拉西奧。接下來的問題來自美國銀行的 Anne Milne。她首先說，您能為我們介紹一下發展阿根廷和潘帕在阿根廷的石油和天然氣業務所需的各種基礎設施建設的最新情況嗎？如果有任何延誤，您認為會怎樣？

I think we already covered this.

我想我們已經討論過這一點了。

Okay. And next one says, is Pampa looking at any other non-conventional oil areas at the moment?

好的。下一個問題是，潘帕目前是否正在考慮其他非常規石油領域？

We are always looking at new opportunities.

我們一直在尋找新的機會。

Okay. And the last one says, where do you see Pampa's hydrocarbon production five years from now in terms of volumes and breakdown between natural gas and crude oil?

好的。最後一個問題是，從天然氣和原油的產量和細分來看，五年後潘帕的碳氫化合物產量如何？

Okay. In terms of oil, we already mentioned that our aim is to reach a plateau of around 45 barrels to 50,000 barrels per day. And that's what we probably going to be keeping as our goal. Eventually, we are looking at new opportunities. But what we have today in the pipeline is that. And in terms of natural gas, until 2028, we have the plant gas, which are current, basically the current volumes that we are delivering into the market. We still have to see what happens with the expansion of the gas pipelines.

好的。在石油方面，我們已經提到，我們的目標是達到每天 45 桶至 50,000 桶左右的穩定水平。這就是我們可能要堅持的目標。最終，我們正在尋找新的機會。但我們今天正在醞釀的就是這樣。就天然氣而言，到 2028 年，我們擁有目前的工廠天然氣，基本上是我們目前向市場供應的數量。我們仍然需要看看天然氣管道的擴建會發生什麼。

As I mentioned before, that represents around 14 million cubic meters per day. I guess that probably we will keep around 20% to 30% out of that market share. So we are talking three to four additional million cubic meters per day of natural gas during the winter season. That's approximately 100 days to 120 days. So basically, those are the main drivers of our future production, not to mention the possibility of the development of the LNG projects that we mentioned before.

正如我之前提到的，這相當於每天約 1400 萬立方米。我想我們可能會保留大約 20% 到 30% 的市場份額。因此，我們正在談論冬季期間每天增加三到四百萬立方公尺的天然氣。大約是 100 天到 120 天。所以基本上，這些都是我們未來生產的主要驅動力，更不用說我們之前提到的液化天然氣項目發展的可能性了。

Thank you, Horacio. Next question comes from Gustavo Faria from Bank of America. First one, he says, how do you see the demand for gas export in the second half of this year? And could you give a little disclosure on the export prices in the second half of 2024?

謝謝你，奧拉西奧。下一個問題來自美國銀行的古斯塔沃·法裡亞。第一個問題，他說，您如何看待今年下半年天然氣出口的需求？能否透露一下2024年下半年的出口價格？

Okay. For the second half of 2024, we have committed 600,000 cubic meters per day to Chile through Gas Andes, the minimum price and the price at the same time. That was approved by the secretary of energy, 7% of Brent, which turns out to be around $5.5 per million BTU well head.

好的。2024年下半年，我們承諾透過Gas Andes每天向智利供應60萬立方米，最低價格和價格同時進行。能源部長批准了布蘭特原油的 7%，結果約為每百萬 BTU 井口 5.5 美元。

Thank you, Horacio. Next question from Gustavo. He says, we saw an important drop in the lifting cost in the second quarter of 2024. Do you see any room for additional lifting gas improvement in the gas upstream segment or do you consider the current level as the plateau?

謝謝你，奧拉西奧。古斯塔沃的下一個問題。他表示，我們看到 2024 年第二季起重成本大幅下降。您認為天然氣上游領域是否有進一步提升天然氣改善的空間，或者您認為目前水準處於平穩狀態？

No, we consider that what we reached is probably the plateau. We won't be seeing any substantial decrease in the future.

不，我們認為我們所達到的可能是平台期。未來我們不會看到任何大幅下降。

Thank you, Horacio. Next question comes from Ignacio Sniechowski from Invertir en Bolsa. First one he says, regarding future increases in regulated prices, do you have any estimation of when these hikes will finally translate into effectively higher income for the company rather than merely substituting subsidies?

謝謝你，奧拉西奧。下一個問題來自 Invertir en Bolsa 的 Ignacio Sniechowski。他說的第一個問題是，關於未來監管價格的上漲，您是否估計這些上漲何時最終會轉化為公司有效的更高收入，而不僅僅是替代補貼？

Good question. So less subsidies means less dependence on CAMMESA delays and it's more reliance on the demand. Basically, the higher hikes on the electricity, the famous electricity, raw price in the final bills, that means lesser subsidies. That means lesser subsidies for CAMMESA and then CAMMESA faster, for example. It's not going to be materially we getting more money, we as a company getting more money, but that meaning, we getting a better quality on the collections on the payment side, on the receivables. This is mainly the biggest importance here behind the lowering of subsidies.

好問題。因此，補貼減少意味著對 CAMMESA 延誤的依賴減少，而對需求的依賴更大。基本上，最終帳單中著名的電力、原材料價格的更高漲幅，意味著補貼更少。例如，這意味著對 CAMMESA 的補貼會減少，然後對 CAMMESA 的補貼會更快。從本質上講，我們不會得到更多的錢，我們作為一家公司會得到更多的錢，但這意味著我們在付款方面、應收帳款方面的收款品質得到了更好的提升。這主要是降低補貼背後最重要的一點。

Another thing that is very important is that the other regulated prices, the gas price and the final bills. The higher the gas prices for retail, the lower the subsidies it is. So we collect the less Plan Gas compensation, but again we collected for the distribution. So I mean, it's getting a better credit profile and lesser dependence on the government's disbursements. Just to notice, the government just passed a few, actually they passed last June, the regulated prices until the end of this year for electricity and for gas.

另一件非常重要的事情是其他監管價格，即天然氣價格和最終帳單。零售天然氣價格越高，補貼越低。因此，我們收取的計劃天然氣補償較少，但我們再次收取分配費用。所以我的意思是，它的信用狀況正在改善，對政府支出的依賴也越來越少。請注意，政府剛剛通過了一些，實際上是去年六月通過的，電力和天然氣的監管價格一直持續到今年年底。

They already put the outlook for what's going to be the subsidies until the end of the year. As well for what's, if -- what kind of subsidies will be for those that are under retail, social tariff or middle income, as well as the government just passed just a few days ago, the monthly increment -- monthly increase for inflation, 6% for Transmission -- for Transener, 4% for TGS and 3% for legacy prices -- legacy energy.

他們已經將補貼的前景展望到了年底。以及對於那些處於零售、社會關稅或中等收入水平的人，以及政府幾天前剛通過的每月增量——通貨膨脹的每月增量，將會有什麼樣的補貼， 6% 用於傳輸——Transener，4% 用於TGS，3% 用於傳統價格——傳統能源。

Next question from Ignacio is about gas production volumes going forward. Do you see these levels of production being sustained in the forthcoming quarters or was this peak due to an exceptionally cooler quarter?

伊格納西奧的下一個問題是關於未來的天然氣產量。您認為這些生產水準在未來幾季會持續下去，還是由於季度異常涼爽而導致這一高峰？

I think we covered that.

我想我們已經涵蓋了這一點。

Okay. So the final question is, are there any M&A opportunities being considered or all the cash will be devoted to CapEx in order to accelerate and ramp up Rincon de Aranda.

好的。因此，最後一個問題是，是否正在考慮任何併購機會，或者所有現金將用於資本支出，以加速和擴大 Rincon de Aranda。

Okay. So we know that our financial position and level of indebtedness allow us to grow inorganically. And we have been analyzing all the opportunities that have been in the market recently. Particularly in our core segments, including unconventional areas. But unfortunately, no attractive opportunities in terms of price have appeared yet.

好的。所以我們知道我們的財務狀況和債務水準使我們能夠實現無機成長。我們一直在分析最近市場上出現的所有機會。特別是在我們的核心領域，包括非常規領域。但不幸的是，在價格方面尚未出現有吸引力的機會。

So currently developing our best gas fields such as El Mangrullo and Sierra Chata, and now Rincon de Aranda in oil, along with all the necessary infrastructure is much more profitable for Pampa than paying a high entry price for new assets. So as always, we remain open to potential opportunities that may appear in the market and are always evaluating what is best for the company. But we haven't found anything interesting so far.

因此，目前開發我們最好的天然氣田，如El Mangrullo 和Sierra Chata，以及現在的Rincon de Aranda 石油田，以及所有必要的基礎設施，對於潘帕來說，比支付高價購買新資產更有利可圖。因此，我們一如既往地對市場上可能出現的潛在機會持開放態度，並始終評估什麼對公司最有利。但到目前為止我們還沒有發現任何有趣的東西。

Thank you, Nico. Next question comes from Fernando Pueyrredon. He asked, have you discussed alternatives with the government regarding the cancelled Genelba three greenfield and Barragan expansion projects?

謝謝你，尼科。下一個問題來自費爾南多·普埃雷東。他問道，您是否與政府討論過關於取消Genelba 三個綠地和Barragan 擴建項目的替代方案？

So as Nico -- if you don't hear, we have presented two projects. The big one, the 300 megawatts, of course, it's not going to pursue because this can sell. But the other one actually we did presented we wanted. Well, the TerraCom auction is canceled, but we're doing it anyways. This is a way to improve efficiency even further. The efficiency of the plan. And we are doing this very small CapEx is $50 million for increasing 111 megawatts. So we are doing it.

尼科——如果你沒聽到的話，我們已經介紹了兩個項目。大的，300兆瓦的，當然不會追求，因為這樣可以賣。但實際上我們確實提出了我們想要的另一項。好吧，TerraCom 拍賣被取消了，但我們還是要這麼做。這是進一步提高效率的一種方法。計劃的效率。我們正在做這個非常小的資本支出，即 5000 萬美元，以增加 111 兆瓦。所以我們正在這樣做。

Thank you. Next question comes from Walter Chiarvesio from Santander. First one says, can you please update on Rincon de Aranda total drilling and production curve, evacuation capacity, etc.

謝謝。下一個問題來自桑坦德銀行的沃爾特·基亞維西奧。第一個人說，您能否更新 Rincon de Aranda 的總鑽井和生產曲線、疏散能力等資訊？

I think we already covered it.

我想我們已經介紹過了。

Next one. Any update on potential energy price regimes to be introduced by the regulator?

下一張。監管機構將推出的潛在能源價格製度有何更新？

No, we covered that.

不，我們已經介紹過了。

Next question comes from Florencia Mayorga from MetLife. She says the deterioration --

下一個問題來自大都會人壽的弗洛倫西亞·馬約爾加。她說情況惡化--

She told me that it's okay.

她告訴我沒關係。

Next question comes from Pedro Letelier. He wants to know, do you have some color related to export in terms of restrictions, can you sell that you want abroad -- all that you want abroad, sorry.

下一個問題來自佩德羅·萊特利爾。他想知道，你們有沒有一些與出口相關的限制，你們能把你們想要的東西賣到國外嗎——抱歉，所有你們想要的東西都賣到國外。

We are talking about oil, gas or electricity, but I'm not sure about it. If it is oil, there's no restriction whatsoever. And in terms of gas, it's the same thing, we are restricted by the transportation capacity. There's no regulatory restriction under the new lay the buses in order to export. It's a free market.

我們正在談論石油、天然氣或電力，但我不確定。如果是石油，就沒有任何限制。對於天然氣來說，也是一樣的，我們受到運輸能力的限制。新規對公車出口沒有任何監管限制。這是一個自由市場。

Thank you, Horacio. Now Yes, from Florencia Mayorga from MetLife. Regarding hydros, we are recognizing a provision of termination of Mendoza hydros, which was the value. Any update on next steps?

謝謝你，奧拉西奧。現在是的，來自大都會人壽的弗洛倫西亞·馬約爾加。關於 Hydros，我們認識到終止 Mendoza Hydros 的條款，這就是價值。後續步驟有更新嗎？

Yes. We've been making provisions, if you can see, quarter on quarter, in light of this -- this is very close expiration. The only update we have is that we be granted a 12-month extension. So this is complicated because there's two concessions in this hydro.

是的。有鑑於此，我們一直在按季度製定準備金，如果你能看到的話——現在已經非常接近到期日了。我們唯一的更新是我們獲得了 12 個月的延期。所以這很複雜，因為這個水電有兩個特許權。

That is -- one is the provincial or one is the national one. The provincial one has been granted for 12 months. But the state -- the national one, it's only for six months, extendable for another six months. So in light of this, it looks like -- it's going to HINISA -- will be expiring if there's no extension provided, granted on November of this year, we'll see. That's how it is.

也就是說──一個是省級的，一個是國家級的。省一級已授予12個月。但是國家──國家的，只有六個月，可以再延長六個月。因此，有鑑於此，如果沒有提供延期（今年 11 月獲得批准），HINISA 的延期將會到期，我們拭目以待。就是這樣。

Thank you, Lida. Next question comes from [Ludovic Kazrush]. First one says, according to the press, some companies have signed export contracts of natural gas to Brazil with the regression of north gas pipeline, would Pampa export gas to Brazil too?

謝謝你，利達。下一個問題來自[盧多維克·卡茲魯什]。第一個消息，據媒體報道，隨著北方天然氣管道的回歸，一些公司已經簽署了向巴西出口天然氣的合同，潘帕也會向巴西出口天然氣嗎？

Yes. We could export gas to Brazil. Absolutely. And we can also export gas to the north of Chile, which is a market that will compete with Brazil. Definitely, we can do that.

是的。我們可以向巴西出口天然氣。絕對地。我們也可以向智利北部出口天然氣，這是一個將與巴西競爭的市場。當然，我們可以做到。

Thank you. Next question from Jorge Luis Mauro. After the recent increase in gas prices and electricity prices, how much of the cost is paid by end users for gas and electricity?

謝謝。豪爾赫·路易斯·毛羅提出下一個問題。近期瓦斯價格和電價上漲後，最終用戶支付的瓦斯和電力成本有多少？

For electricity, the other day I got the number, the cost was $91, the average cost of the grid. And the coverage was 61%. So it's pretty much -- the coverage was 61%. It's pretty high. Last year, the coverage was 20%. So it's increasing. Still the government has to disburse the other 40%. For example, for users -- retail users that are non-subsidized, such as me, I'm not subsidized at all. I am paying in my bill $72 per megawatt hour. Of course, against the real cost $91 still subsidized. But I didn't hike from $20 last year. So it's been increasing hike.

至於電費，前幾天我拿到了數字，費用是91美元，是電網的平均費用。覆蓋率為61%。覆蓋率達到了 61%。這是相當高的。去年，覆蓋率為20%。所以它正在增加。但政府仍需支付其餘 40%。例如，對於用戶——沒有補貼的零售用戶，像我，我根本沒有補貼。我的帳單中支付的是每兆瓦時 72 美元。當然，相對於實際成本 91 美元，仍然有補貼。但去年我沒有加價 20 美元。所以它一直在增加。

Then in gas, gas, I don't remember the coverage, because in winter the prices go up very much because of the liquids. It's difficult to assess. But for example, full non-subsidized people like to, such as me, I'm paying $3.3 per million BTU. Last year, I was paying $1.5 per million BTU. So it's been increased.

然後在天然氣方面，天然氣，我不記得覆蓋範圍，因為冬天由於液體，價格上漲很多。很難評估。但例如，完全不受補貼的人喜歡，像我，我每百萬 BTU 支付 3.3 美元。去年，我每百萬 BTU 支付 1.5 美元。所以增加了。

And low income people are paying instead of $0.30, $0.20 now they're paying $1.8, but just for a block, if they're more than that. If they excess on consumption, they have to pay the full fare. That's $3.3. So the idea is to lift it up, the prices little by little. In the case of the people that can afford it, such as myself, it's the full fare, but still a little bit lower that real cost, but very close, as you can see.

低收入者以前支付 0.30 美元，現在支付 0.20 美元，現在他們支付 1.8 美元，但只是一個街區，如果他們的金額超過這個數字的話。如果超額消費，則必須支付全額票價。也就是 3.3 美元。所以我們的想法是一點​​一點地提高價格。對於像我這樣能負擔得起的人來說，這是全價，但仍然比實際成本低一點，但非常接近，正如你所看到的。

Thank you, Li.

謝謝你，李。

Do we have more questions?

我們還有更多問題嗎？

So next question comes from Ludovic Kazrush, too. You have just announced a share buyback program. Would you consider to return more cash to shareholders?

那麼下一個問題也來自 Ludovic Kazrush。您剛剛宣布了一項股票回購計畫。您會考慮向股東返還更多現金嗎？

So we just announced the program and you're already asking for more. Now, in the last five years, less than five years, we have repurchased almost $600 million of shares at an average price of $22 per ADR. And now we are announcing a new program. So that's all for now. We are not considering anything more.

我們剛剛宣布了該計劃，您已經要求更多。現在，在過去五年，不到五年的時間裡，我們以每股 ADR 22 美元的平均價格回購了近 6 億美元的股票。現在我們宣布一個新計劃。現在就這樣了。我們不再考慮任何事情。

We don't have any more questions.

我們沒有更多問題了。

I think. I don't see more questions. If you have any questions about the financial statements or anything, you can just delete it. We just uploaded in our website the earnings, we have all the backup information there. I think we had hit the top of the hour. We appreciate very much you joining us in this call. Appreciate you, Horacio, Adolfo and Nico for joining us for the Q&A. Any questions you may have, please send us an email, we will be more than happy to help you. I hope I beat you a good day.

我認為。我沒有看到更多問題。如果您對財務報表或任何其他內容有任何疑問，只需將其刪除即可。我們剛剛在我們的網站上傳了收益，我們那裡有所有的備份資訊。我想我們已經到了最高峰。我們非常感謝您參加本次電話會議。感謝您、Horacio、Adolfo 和 Nico 參加我們的問答。您有任何疑問，請給我們發送電子郵件，我們將非常樂意為您提供協助。我希望我能打敗你美好的一天。

Thank you very much.

非常感謝。