Pampa Energia SA (PAM) 2024 Q3 法說會逐字稿

Good morning, everyone. And thank you for waiting. I'm Raquel Caras from Ir and we would like to welcome everyone to Pampa Aria third quarter, 2024.

大家早安。感謝您的等待。我是來自 Ir 的 Raquel Caras，我們歡迎大家來到 Pampa Aria 2024 年第三季。

(oprerators instructions)Now I'll turn the video conference over to Lida. Please go ahead.

（操作員指示）現在我將視訊會議轉交給麗達。請繼續。

Hello, Thank you, Raquel. Hello, everyone and thank you for joining our conference call. I will make a quick summary of Q3. You might find more details in our earnings release and financial statements. Today, we are having our Q&A with our CEO Gustavo Mariani, our CFO Mr Nicolás Mindlin and our head of EMP.

你好，謝謝你，拉克爾。大家好，感謝您參加我們的電話會議。我將對第三季做一個快速總結。您可能會在我們的收益發布和財務報表中找到更多詳細資訊。今天，我們與我們的執行長 Gustavo Mariani、我們的財務長 Nicolás Mindlin 先生和我們的 EMP 主管進行問答。

Let's start with the quarter figures marked by the solid performance from gas upstream and power generation which helped to overcome the winter peak. This is the year's most critical period. Gas production increased 8% year on year with a growing contribution from shell. Our CCGTS achieve high low factors supported by strong gas and capacity availability.

讓我們從季度數據開始，天然氣上游和發電業務表現強勁，幫助克服了冬季高峰。這是今年最關鍵的時期。天然氣產量年增8%，殼牌貢獻不斷增加。在強大的天然氣和產能可用性的支持下，我們的 CCGTS 實現了高低係數。

Our balance sheet remains solid with extended maturities and improved liquidity bringing net debt to its lowest level since 2016. When we acquire Petrobras, Argentina, the just the EBITDA amounted to $279 million.

我們的資產負債表保持穩健，期限延長，流動性改善，使淨債務降至 2016 年以來的最低水準。當我們收購阿根廷巴西石油公司時，光是 EBITDA 就達到了 2.79 億美元。

Up 14% from last year driven by increased gas deliveries through the new pipeline. Under the plan, gas, higher spot prices and excellent dispatch and availability performance in our power generation segment. Tariff increases also boosted contributions from PGS and lower gas exports.

由於透過新管道輸送的天然氣量增加，較去年增加 14%。根據該計劃，我們發電領域的天然氣、更高的現貨價格以及出色的調度和可用性性能。關稅上漲也增加了 PGS 的貢獻並減少了天然氣出口。

Power and gas between sales and pet can margins partially offset these gains. The quarter on quarter decrease is explained by warmer September temperatures, gas pipeline curtailments and higher operating costs. It is worth noting that 75% of the quarters of EBITDA was dollar linked and EMP leading the share excluding most regulated peso businesses, the dollar share goes up to 85%. CapEx In Q3 is up to 59% lower year on year.

電力和天然氣銷售與寵物罐頭之間的利潤部分抵消了這些收益。環比下降的原因是九月氣溫升高、天然氣管道縮減和營運成本上升。值得注意的是，75%的季度 EBITDA 與美元掛鉤，EMP 所佔份額領先，排除大多數受監管的比索業務，美元份額上升至 85%。第三季資本支出較去年同期下降 59%。

Mainly because of the shell gas Ramp up and PPE four construction in 2023 partially upset by final payments for PEPE 6, ongoing development Rincón de Aranda.

主要是因為殼牌天然氣爬坡和 2023 年 PPE 4 建設工程因 PEPE 6（正在進行的 Rincón de Aranda 開發項目）的最終付款而受到部分影響。

Moving on to power generation. On slide 4, we posted an MDA of $112 million in Q3. This is a 23% increase year on year mainly explained by the operating of performance and higher legacy prices partially upset by lower industrial demand, increased operating expenses and the divestment of Mario Cebreiro , free dispatch rose 19% year on year driven by our CCGTS at Genelba, T Barragán and Loma supported by greater gas and power availability.

繼續發電。在幻燈片 4 上，我們發布了第三季 1.12 億美元的 MDA。年比成長 23%，主要是由於業績營運和傳統價格上漲，部分原因是工業需求下降、營運費用增加以及 Mario Cebreiro 的撤資，我們的 CCGTS 推動免費調度年增 19%。更多天然氣和電力供應的支持。

Lower water levels at PGP The food and the divestment of Mario Cebreiro partially upset the decrease increase take or pay capacity payment especially from PPAS contributes most of the EBDITA. It is driven by capacity availability and in Q3, we reached 96% up from 94% last year helped by fewer thermal ages.

PGP 水位較低 食品和 Mario Cebreiro 的撤資在一定程度上擾亂了按付即付能力支付的減少，特別是來自 PPAS 的支付貢獻了大部分 EBDITA。這是由產能可用性推動的，在熱年齡減少的幫助下，第三季我們的使用率從去年的 94% 上升到了 96%。

A quick review on P/E six expansion, the civil works were completed. All well mills are installed since October and the project now is 98% advance between September and October. 50 megawatts were commissioned. Additional were commissioned by CISA reaching 114 megawatts operational. Out of the total plan 140 megawatts.

快速回顧P/E六期擴建，土木工程已完成。所有磨機均自 10 月開始安裝，目前該專案在 9 月至 10 月期間已進度 98%。 50兆瓦已投入使用。CISA 委託另外的專案運行，容量達到 114 兆瓦。總計劃140兆瓦。

We are now conducting the final tests and full cod is expected just next week or before the end of the month, the six energy will be sold under B2 BP pas matter going on slide. Seven, our EMP business posted an FDA of $122 million in Q3. This is 8% down year on year, largely due to higher operating costs related to the Conder. Anda reduced exports to Chile and lower industrial sales due to the economic downturn. These factors were upset by increased gas production from the latest round of plan gas.

我們現在正在進行最終測試，預計下週或本月底之前完成全部鱈魚，這六種能源將在 B2 BP 下出售，因為事情正在下滑。第七，我們的 EMP 業務第三季 FDA 營收為 1.22 億美元。年比下降 8%，主要是由於 Conder 相關營運成本上升。由於經濟低迷，安達減少了對智利的出口並降低了工業銷售。最新一輪計畫天然氣產量的增加擾亂了這些因素。

The beginning of the Conder, Anda pilot plan and increased gas treatment cost raised the total lifting cost by 16% year on year. However, lifting cost per BOE likely rose to $6 per BOE.

康德、安達試點計畫的開始以及氣體處理成本的增加使總提升成本比去年同期增加了16%。然而，每桶油當量的提升成本可能會升至每桶油 6 美元。

Higher output lower the gas lifting cost by 2% to 80¢ per milliter.

更高的產量可將氣舉成本降低 2% 至每毫升 80 美分。

Total production averaged nearly 88,000 BOE per day and 8% higher than last year when we saw in crude oil represented only 6% of the output and 16% of the EMP revenue.

平均每天總產量接近 88,000 桶油當量，比去年高出 8%，當時原油僅佔產量的 6% 和 EMP 收入的 16%。

Well, gas accounted for 90% of our production gas production in Q3 rose 3% year on year.

那麼，天然氣占我們生產的90%，第三季天然氣產量年增3%。

As you can see here, the deliveries have been increasing throughout the year.

正如您在這裡所看到的，全年交付量一直在增加。

Here today, thanks to the new gas pipeline and peak during the winter. However, bottlenecks due to the delays in the commissioning of compressor plants, warmer September and most significantly soft demand from the industries in Chile impact the volumes still deliveries stay above taker pay levels that we do in the winter way above. In Q4, demand is expected to ease with warmer weather.

今天在這裡，感謝新的天然氣管道和冬季高峰。然而，由於壓縮機廠調試延遲、九月天氣變暖以及智利工業需求疲軟等因素造成的瓶頸影響，交付量仍然高於我們在冬季的接受者付款水平。第四季度，隨著天氣變暖，需求預計將有所緩解。

El Mangrullo contributed 57% of the quarter's production and Sierra Chata provided a growing share of 29%.

El Mangrullo 貢獻了本季產量的 57%，Sierra Chata 的份額不斷增長，達到 29%。

Sierra Chata's production grew 18% year on year and reached a new all time high record of 5 million hinders per day in July without connecting or drilling any wells. This quarter Mangrullo experienced the same thing.

Sierra Chata 的產量年增 18%，並在 7 月在未連接或鑽探任何井的情況下達到每天 500 萬塊石油的歷史新高記錄。本季度，Mangrullo 也經歷了同樣的事情。

No new walls, tidying and a 7% increase year on the average gas price for the quarter was $4.4 per MBTU 6% down due to the lower exports to Chile and sales to industries partially upset by better retail prices due to tariff increases.

沒有建造新牆、進行整理，本季平均天然氣價格上漲7%，為每MBTU 4.4 美元，下降6%，原因是對智利的出口減少，以及關稅上漲導致零售價格上漲，部分影響了行業銷售。

As you can see right below increased local gas delivers were directed to retail and thermal power generation like 10.

正如您在下面所看到的，增加的本地天然氣輸送直接用於零售和火力發電，例如 10。

We before we move on from EMP, let me briefly summarize what we presented during the day about Ringo Miranda. Production is currently at 1,000 barrels per day. This is primarily crude low water low gas company.

在我們繼續 EMP 之前，讓我簡要總結一下我們當天介紹的有關林戈·米蘭達的內容。目前產量為每天 1,000 桶。這主要是原油低水低氣公司。

The development plan targets a production plateau of 45,000 barrels per day by 2027. This is aligned with the ongoing pipeline expansions. We are building facilities securing evacuation capacity in BCAA sur and planning to drill seven pets annually for the next two years. This is why we procure four drilling rigs right now.

此發展計畫的目標是到 2027 年產量穩定在 45,000 桶/日。這與正在進行的管道擴張是一致的。我們正在 BCAA sur 建造確保疏散能力的設施，並計劃在未來兩年內每年對七隻寵物進行演習。這就是我們現在採購四台鑽孔機的原因。

We estimate to invest over $700 million in 2025. With a total of $1.5 billion in CapEx between 25 and 27.

我們預計到 2025 年投資將超過 7 億美元。25 至 27 年間資本支出總額為 15 億美元。

A quick note on petrochemicals, we posted $2 million on ADA in the Q3. This is an 88% drop year on year due to higher costs and peak demand due to the economic downturn, partially upset by higher volumes and prices of reforming products through though the spread to official effects shrink the export dollar help that can to stay afloat to the score.

關於石化產品的簡要說明，我們在第三季在 ADA 上投入了 200 萬美元。年比下降 88%，原因是經濟衰退導致成本上升和需求高峰，部分原因是改革產品的數量和價格增加，儘管官方影響的蔓延縮小了出口美元幫助維持生計的能力。

Okay. So moving to the slide 12, we show restricted group figures that reflect the bond parameter. In Q3 free cash flow reached $80 million supported by improved working capital with days of sales outstanding at 84 days, just six days delay.

好的。因此，請轉到投影片 12，我們顯示了反映鍵參數的受限組圖。第三季度，在營運資金改善的支持下，自由現金流達到 8,000 萬美元，銷售未清天數為 84 天，僅延遲了 6 天。

Besides the robust operating cash flow, this the last year's CapEx was shell gas ramp up. This year's spending, capital spending was mainly maintenance for maintenance. At $74 million.

除了強勁的營運現金流之外，去年的資本支出還包括殼牌天然氣的增加。今年的支出，資本支出主要是為了維護而維護。7400萬美元。

In September, we issued a 410 million international bond maturing in 2031 and to improve the debt profile, partially the redeeming as part the 2027 notes overall. This resulted in a net cash increase of $272 million. Raising our cash position to $1.2 billion by the end of September. This is a 23% increase compared to last year, September and 100 and $50 million more compared to June of this year.

9月份，我們發行了2031年到期的4.1億美元國際債券，以改善債務狀況，部分贖回為2027年票據的一部分。這導致現金淨增加 2.72 億美元。到 9 月底將我們的現金部位增加到 12 億美元。與去年 9 月相比增加了 23%，與今年 6 月相比增加了 100 美元和 5,000 萬美元。

This is why it shows we consolidated financial position including our affiliates at the ownership. But let's keep it on restricted group figures on top of the $1.2 billion cash that we described before, we posted a cross debt of $1.7 billion up 5% year on year and 93% in dollars. However, the net debt recorded $539 million down 20% year on year and 0.8 times to the last 12 months of BD A the lowest ratio and amount in the last eight years.

這就是為什麼它顯示了我們合併的財務狀況，包括我們的附屬公司的所有權。但除了我們之前描述的 12 億美元現金之外，我們仍將其保留在受限制的集團數據上，我們公佈的交叉債務為 17 億美元，同比增長 5%，其中美元債務佔 93%。然而，BD A 的淨債務為 5.39 億美元，年減 20%，為過去 12 個月的 0.8 倍，為過去 8 年來的最低比率和金額。

So this concludes our presentation. Now, I will turn the word to Raquel.

我們的演講到此結束。現在，我將把話說給拉奎爾。

She will pull for questions. Thank you so much.

她會拉來提問。太感謝了。

(operator instructions)

（操作員說明）

Bruno Montanari frMorgan Stanley.

布魯諾·蒙塔納裡（Bruno Montanari），來自摩根士丹利。

First question He asked is, can you talk about the from for initial performance of Rincón de Aranda? And how should we think about the, the path of drilling in the coming quarters through the end of 2025.

他問的第一個問題是，你能談談 Rincón de Aranda 的初次表演嗎？我們該如何思考未來幾季到 2025 年底的鑽探路徑。

Morning, Bruno and all the audience regarding Rincón de Aranda, as Lida mentioned before, we have two rigs actually working to high spec rigs plus one pa and our forecast is to drill from today as to the end of 2025 7 pads of four wells each. So we will be drilling around 28 well in the period of November 24 December 25.

早上好，布魯諾和所有關於Rincón de Aranda 的觀眾，正如Lida 之前提到的，我們有兩台實際上正在運行的高規格鑽機，外加一台pa，我們的預測是從今天到2025 年底鑽探7 個平台，每個平台有4 口井。因此，我們將在11月24日至12月25日鑽探約28口井。

In terms of our forecasted production, we are expecting to hit 12,000 barrels by April May 2025 and 18,000 barrels by September of 25.

就我們的預測產量而言，我們預計到 2025 年 4 月 5 月將達到 12,000 桶，到 25 日 9 月將達到 18,000 桶。

Thank you, Horacio. Next question is for you too. I think regarding the evacuation capacity, can you remind us Pampa's and Argentina's gas evacuation capacity today? And how that should evolve into 2025 and after? And how about oil?

謝謝你，奧拉西奧。下一個問題也適合你。我想關於疏散能力，您能否提醒我們今天潘帕和阿根廷的天然氣疏散能力？2025 年及以後該如何演變？那麼石油呢？

How are the discussions related to having at stake for oil in Baam?

與巴姆石油的利益相關的討論如何？

The Oh, yes.

哦，是的。

Hi, Bruno Gustavo.

你好，布魯諾古斯塔沃。

First of all, I, I want to thank Horacio who's coming right from, from the airport. He's not a our millennial EMP director, but he's been very kind to rush from the airport to, to the office to, to take the call regarding the evacuation capacity we producers don't own evacuation capacity for natural gas. So the, the ones who owns the transportation capacity are either the distribution companies or the big industries.

首先，我，我要感謝剛從機場趕來的奧拉西奧。他不是我們的千禧世代 EMP 主管，但他非常友善地從機場趕到辦公室，接聽有關疏散能力的電話，我們生產商不擁有天然氣疏散能力。所以，擁有運輸能力的不是流通公司，就是大企業。

If your question relates to the, the situation of the gas evacuation capacity of the Nequina Basin. This year, early in the winter, one of the compression plants of the gas became online though increasing its capacity from 11million to 16 million kilometers of natural gas per day. And the second plant I think it is supposed to be online anytime soon.

如果您的問題涉及內奎納盆地的瓦斯抽散能力的情況。今年初冬，其中一個天然氣壓縮廠上線，產能從每天 1,100 萬公里天然氣增加到 1,600 萬公里。我認為第二個工廠應該很快就會上線。

Despite the fact that during the summer is not needed, it will be needed and used next, next winter and then it will be for sure ready. By then, by that moment, the evacuation capacity of the Nestor Kisner will be a total of 21 million cubic meter per day and the situation will not improve until a new infrastructure project is online.

儘管夏天不需要，但明年、下個冬天卻需要和使用，那麼它肯定就準備好了。到那時，內斯特·基斯納號的疏散能力將達到每天2100萬立方米，直到新的基礎設施項目上線後，情況才會得到改善。

So the all the other change that happened this year was with the inauguration of the project of the reversion of the north pipeline.

所以今年發生的所有其他變化是北方管道恢復工程的啟動。

So now the pipeline that used to bring gas from Bolivia and the north of Argentina to the centre of Argentina is reverse and the nona basin can supply to the north and eventually export gas to the north of Chile and to Brazil.

所以現在從玻利維亞和阿根廷北部將天然氣輸送到阿根廷中部的管道是反向的，諾納盆地可以向北部供應，最終將天然氣出口到智利北部和巴西。

But just to keep in mind that is not additional production from the new Kan Basin is got that used to go to the literal to the east of Argentina now is able to, to go to, to the north relating oil.

但要記住，新坎盆地的額外產量並沒有增加，過去用於輸送到阿根廷東部的石油現在可以輸送到北部的石油。

We, as we mentioned, I think if I recall correctly in the in the previous call, we are part of the consortium that has been formed for the project vcam mtas for several weeks or more, more than weeks. There are currently daily meetings to discuss the documents. We are very tim that this project that we will finish the documentation and we will sign the final agreement among the indus the different players of the industry probably by month then and that the project will be launched before the year end.

正如我們所提到的，我想如果我在之前的電話會議中沒記錯的話，我們是為 vcam mtas 項目組建了幾週或更長時間的聯盟的一部分。目前每天都有會議討論這些文件。我們非常希望我們將完成該專案的文檔，並且我們將在行業內不同參與者之間簽署最終協議，時間可能在一個月內，並且該專案將在年底前啟動。

Thank you Gustavo

謝謝古斯塔沃

Third question from Reno is regarding Argentina's LNT project. How have discussions about LNT projects evolved? Is Pampa still interest in being directly involved? And if so in which portions of the projects, would the company be more interested in the floating units, the land facilities or perhaps only the infrastructure part?

裡諾的第三個問題是關於阿根廷的LNT計畫。關於 LNT 計畫的討論如何演變？潘帕仍有興趣直接參與嗎？如果是的話，公司會對專案的哪些部分更感興趣？

Definitely we, we are very interested in the LNT projects that are being discussed currently in the country. Our interest is basically because we want to monetize our very competitive dry gas reserves that we have in in Sierra Chata and we see the export of natural gas through an LNT facility.

當然，我們對國內目前正在討論的 LNT 項目非常感興趣。我們的興趣基本上是因為我們希望將我們在 Sierra Chata 擁有的極具競爭力的干氣儲備貨幣化，並且我們看到透過 LNT 設施出口天然氣。

Is the only way to do so in a significant number in the, in the long term, we believe floating units make more sense than the land facilities. Basically because of the fact that given capital restrictions and high cost of capital for Argentina, it makes more sense to hire or to rent the facilities that are having to own it, own it and build them and, and, and own them. But so far we are giving the priority to the oil evacuation.

從長遠來看，這是實現這一目標的唯一方法，我們相信浮動單位比陸地設施更有意義。基本上是因為考慮到阿根廷的資本限制和高資本成本，僱用或租賃必須擁有、擁有和建造它們的設施更有意義。但到目前為止，我們優先考慮的是石油疏散。

So today, we are focused on the Baca Morta sur that's our priority. And the energy project can come once we have a Yeah, one, once the Baca Morta sur is it's on the way.

所以今天，我們的重點是 Baca Morta sur，這是我們的首要任務。一旦我們有一個能源項目就可以到來，是的，一旦Baca Morta sur建成，它就在路上。

Thank you.

謝謝。

Next question comes from Alejandro de Micheli from Jeffries is regarding Exxon's process. How do you see the situation of the Sierra Chater block and a potential change in the partner there?

Jeffries 的 Alejandro de Micheli 提出的下一個問題是關於埃克森美孚的流程。您如何看待 Sierra Chater 區塊的情況以及那裡合作夥伴的潛在變化？

Yeah.

是的。

Hello. Good morning. So we don't have information about the process relating to this acid, I think. And the only official statement from did not specify whether this asset was included in the package or not. So that's the only information we have.

你好。早安.所以我認為我們沒有與這種酸相關的過程的資訊。而唯一的官方聲明並沒有具體說明該資產是否包含在包中。這是我們所掌握的唯一資訊。

But the important thing about this is that we are the operators of the area and we will continue to operate the area in the same way. So our plans are not changing because of the results of this process.

但重要的是，我們是該地區的運營者，我們將繼續以同樣的方式運營該地區。所以我們的計劃不會因為這個過程的結果而改變。

Thank you, Nico.

謝謝你，尼科。

Next question comes from Martina Martinez from Latin Securities.

下一個問題來自拉丁證券的瑪蒂娜·馬丁內斯。

First one is regarding, regarding energia base or spot energy prices. The latest increases granted to the Energia asset scheme are past devaluation, improving legacy asset remuneration. Do you expect this trend to continue?

第一個是關於能源基礎或現貨能源價格。Energia 資產計劃的最新增加是過去的貶值，改善了遺留資產的報酬。您預計這種趨勢會持續下去嗎？

Hi, Marina. Yes, we expect this trend to continue as the remuneration of the legacy assets are despite the improvement are still at very low levels. So yes, we do expect this trend to continue on the marginal and not, not something huge but similar to what has happened on the past few months that the increases were a few points above the average inflation.

嗨，瑪麗娜。是的，我們預計這種趨勢將持續下去，因為儘管有所改善，但遺留資產的薪酬仍處於非常低的水平。所以，是的，我們確實預計這種趨勢將繼續小幅增長，雖然不是很大，但與過去幾個月發生的情況類似，增幅略高於平均通膨幾個百分點。

And we expect this trend to continue until the deregulation that the that we expect to be announced at some point next year. It's finally published.

我們預計這種趨勢將持續下去，直到我們預計明年某個時候宣布放鬆管制。終於出版了。

Thank you.

謝謝。

The second question from Marina says there has been news about a potential Real plant in Bahia Blanca. Given Pampa's focus on developing Rincón de Aranda in the coming years. Can we expect a start date or a go or no go decision on the project?

瑪麗娜提出的第二個問題說，有消息指出皇馬可能在布蘭卡港建造一座工廠。鑑於潘帕將在未來幾年重點開發 Rincón de Aranda。我們可以預期專案的開始日期或進行或不進行的決定嗎？

And you are right that today's focus for, for Pampa is definitely ine Rincón de Aranda which is a major challenge and a significant capital deployment. Having said that as we mentioned a few times, despite it's its size and given the free cash flow generation of the other two segments of Pampa gas production and, and power generation.

您說得對，潘帕今天的重點肯定是 Rincón de Aranda，這是一項重大挑戰，也是一項重要的資本部署。話雖如此，正如我們多次提到的，儘管它的規模很大，並且考慮到潘帕天然氣生產和發電的其他兩個部分的自由現金流生成。

We don't expect a significant impact on our ratios on our net debt, debt net indene because of the development of Rincón de Aranda. So Pampa having the profile that, that we have and the cash position that we have, we feel totally comfortable to move ahead with the project, the size of the Urea project.

我們預計 Rincón de Aranda 的開發不會對我們的淨債務、債務淨茚比率產生重大影響。因此，潘帕擁有我們所擁有的概況和我們所擁有的現金狀況，我們完全可以放心地推進該項目，即尿素項目的規模。

Once we are convinced that it makes sense when we will be convinced or when we will know if it makes sense or not, it will not be before one year from now. In the next six months, we will be the team will be working in designing and preparing the documentation so that we can request from the E PC providers. The, the turn the price for a Turkey project to build the Urea project. We don't expect to receive that.

一旦我們確信它是有意義的，當我們被說服或當我們知道它是否有意義時，就不會在一年後了。在接下來的六個月中，我們的團隊將致力於設計和準備文檔，以便我們可以向 E PC 提供者提出請求。這使得土耳其建造尿素計畫的價格發生了翻天覆地的變化。我們不希望收到這個。

The soonest will be around one year from now because we need to, to prepare the documentation that will take us.

最快將在一年後左右，因為我們需要準備需要我們的文件。

Now we hope to be ready by at some point in the first quarter of next year. And then the E PC providers will require like another six months to prepare the Yeah, that they beat.

現在我們希望在明年第一季的某個時候做好準備。然後 E PC 提供者將需要大約六個月的時間來準備他們擊敗的「是的」。

So this is so that is the go no go decision will happen probably in the at some point in the second half of next year.

因此，「走不走」的決定可能會在明年下半年的某個時候發生。

Thank you. The next questions come from Daniel. Guardiola from BTG. First one was about a Sierra Chata situation but we already answered that. So second question is about val, he asks for an update on the entry date for the doubling capacity. And how many barrels of capacity are guaranteed in this pipeline? Considering there will likely be spare capacity. How many barrels do you expect to transport by doubling in 2025?

謝謝。接下來的問題來自丹尼爾。來自首旅的瓜迪奧拉。第一個是關於 Sierra Chata 的情況，但我們已經回答了。第二個問題是關於 val 的，他要求更新容量翻倍的進入日期。這條管道能保證多少桶產能？考慮到可能會有閒置產能。您預計 2025 年運輸量增加一倍，運送多少桶？

All right. On the Ole duplicate project is expected to come online by April of 2025. We have already secured 6,000 barrels in this first stage of and on top of that, we already have agreements with other producers in order to make use of their idle capacity for an additional 6,000 barrels.

好的。On Ole 複製計畫預計將於 2025 年 4 月上線。我們已經在第一階段獲得了 6,000 桶，除此之外，我們已經與其他生產商達成協議，以便利用他們的閒置產能額外生產 6,000 桶。

So we will be then in a position to have by April of next year, 2000 barrels of evacuation capacity which will match our production forecast. On top of that, we have enough treatment facilities by September of 25 in order to produce 18,000 barrels, which we expect to be in a in a position to make use of idle capacity of other producers in the original Delaware duplicate project and move those additional 6,000 barrels through that line.

因此，到明年 4 月，我們將能夠擁有 2000 桶的疏散能力，這將符合我們的產量預測。最重要的是，到25 日9 月，我們擁有足夠的處理設施來生產18,000 桶，我們預計將能夠利用特拉華州原重複項目中其他生產商的閒置產能，並將這些額外的產能轉移至其他生產商。

At the same time, we are working with Delaware still in the first steps of what might be an additional increase in the total transportation capacity that adds up to approximately 120,000 additional barrels out of which we will be in a position to eventually contract 12,000 barrels additional capacity.

同時，我們正在與特拉華州合作，以進一步增加總運輸能力，總計增加約 120,000 桶，最終我們將能夠額外簽​​訂 12,000 桶合約。

Thank you, Horacio.

謝謝你，奧拉西奧。

Next question from Daniel was about Trinco(inaudible) plans, but we already answered that. So the third, the fourth question is about power generation. What would be the EBITDA impact in Pampa's units if pampa decides to adhere to the secretariat of energy plans. And we would like to know if this plan would involve additional CapEx commitments. Have you considered increasing the company's footprint with new generation plans?

丹尼爾的下一個問題是關於亭可（聽不清楚）計劃，但我們已經回答了。那麼第三、第四個問題是關於發電的。如果潘帕決定遵守能源計畫秘書處的規定，會對潘帕各單位的 EBITDA 產生什麼影響。我們想知道該計劃是否會涉及額外的資本支出承諾。您是否考慮過透過新世代計畫來擴大公司的足跡？

What was, what is the current state of Argentina's energy matrix? And when do you see, when do you foresee an energy shortage?

阿根廷能源矩陣的現狀是什麼？您什麼時候會預見能源短缺？

Okay, regarding the, the impact on the EBITDA of this of this incentive that the government has published a few weeks ago, we estimate that it's an impact of around $10 million of per year. And, and regarding CapEx, obviously, it, it requires in, in all of the, the equipment, some additional CapEx that we are still working on. We haven't replied yet the, the request from the Secretary of Energy.

好的，關於政府幾週前發布的這項激勵措施對 EBITDA 的影響，我們估計每年的影響約為 1000 萬美元。而且，關於資本支出，顯然，它需要在所有設備中，我們仍在研究一些額外的資本支出。我們還沒有回覆能源部長的請求。

So this is a work in progress, but yes, it requires additional CapEx in terms of EBITDA, it's around $10 million per year regarding increasing our foot footprint in power generation. It's a possibility but today there is we've been doing so on, on renewables.

所以這是一項正在進行的工作，但是，是的，它需要額外的 EBITDA 資本支出，每年約 1000 萬美元用於增加我們在發電方面的足跡。這是有可能的，但今天我們已經在再生能源方面這樣做了。

And we are, as, as Lida explained, we are about to complete our six wind farm with 100 and 40 megawatts of capacity in terms of thermal generation. We presented last year a proposal for a 300 megawatt thermal plant in (inaudible). But that was for the for the auction that was finally this administration decided to, to cancel or, postpone. So we and today, given the regulatory environment in terms of thermal generation, there is no possibility to increase because the deregulation has not happened yet.

正如 Lida 所解釋的那樣，我們即將建成六個風電場，發電容量分別為 100 兆瓦和 40 兆瓦。去年我們提出了一項關於在（聽不清楚）。但這是為了這次拍賣，本屆政府最終決定取消或延後。所以我們今天，考慮到火力發電方面的監管環境，不可能增加，因為放鬆管制還沒有發生。

And you also asked about the situation of the, yeah, energy metrics of the energy generation.

您也詢問了能源生產的能源指標的情況。

I think Argentina has enough capacity in place to supply the system.

我認為阿根廷有足夠的能力來供應該系統。

Most of the time there are a few weeks during the year. So there are probably six weeks a year with very extreme weather conditions. Those could happen in summer in Argentina, they could happen either in December or in February or March January because of the holidays, usually there is no problem but in those months, in the weeks with a with prolonged very extreme weather, the requirements of the system might put the system to, to a limit as long as we are able to import as we have been importing electricity from Brazil mainly and from, from Uruguay, we should be okay unless something unexpected happen. And during winter, it is same situation with a little bit le less stress.

一年中大多數時候只有幾週的時間。因此，一年中可能有六週的天氣條件非常極端。這些可能發生在阿根廷的夏季，它們可能發生在 12 月或 2 月或 3 月，因為假期，通常沒有問題，但在那些月份，在長期極端天氣的幾週內，要求只要我們能夠進口電力，系統可能會將系統置於極限，因為我們主要從巴西和烏拉圭進口電力，除非發生意外情況，否則我們應該沒問題。在冬天，情況也是一樣，壓力會比較小。

So there are a few weeks a year with the, with a stressful situation and that, that needs to be addressed. Other than that, the system is okay for its current requirement.

因此，一年中總有幾週的時間會面臨壓力，需要解決這個問題。除此之外，該系統可以滿足目前的要求。

Thank you. The next question from Daniel says, could you give us an update on the gas transportation and transmission tariff schemes?

謝謝。丹尼爾的下一個問題是，您能給我們介紹一下天然氣運輸和傳輸關稅計劃的最新情況嗎？

Well, basically, TJ has already requested to extend the date. Right now it's no longer RTI, the name it's RQI, right in Kenya, like for the next five, it's RQI and basically, and they are requesting to extend the due date of December 31st to more because that the processes of the delay behind against the electricity utilities, electricity utilities.

嗯，基本上，TJ 已經要求延長日期了。現在它不再是RTI，它的名字是RQI，就在肯亞，就像接下來的五個，它基本上是RQI，他們要求將12 月31 日的截止日期延長到更多，因為延遲的過程落後電力公司，電力公司。

However, they did have a schedule, a public hearing for Transendero on November 4th and it was it was postponed with no date and we are expecting a new date. I am talking about and the NTGS what we've been doing lately, actually, it's focusing on extending the license and actually, I think last week we had the, that's what the other week we had the two, no, two weeks ago, right? Yeah, the, the license extension probably here and that, was a very key part of the process to get the license extended. So, but the processes are pretty good. The, the idea is to have the RT is or RT is soon sooner than later.

然而，他們確實有一個時間表，即 11 月 4 日舉行的 Transendero 公開聽證會，但它被推遲了，沒有日期，我們期待一個新的日期。我正在談論NTGS 我們最近一直在做的事情，實際上，它的重點是延長許可證，實際上，我認為上週我們已經這樣做了，這就是我們另一周所做的，不，兩週前，正確的？是的，許可證延期可能是許可證延期過程中非常關鍵的部分。所以，但是流程非常好。這個想法是讓 RT 是或 RT 早比晚更早。

Thank you. Let's last question from Daniel is about(inaudible). What is the current status of Pampa and its subsidiaries receivables with CE(inaudible)? And in what time are the invest being paid.

謝謝。丹尼爾的最後一個問題是關於（聽不清楚）。Pampa 及其子公司帶有 CE 的應收帳款目前狀況如何（聽不清楚）？以及投資何時支付。

They are basically paid on time. As has been the case since early this year, we are paid the last six months. We have been paid with three or four days of village. So, right, right on time, both from Casa and from AA.

他們基本上都是按時領工資的。與今年年初以來的情況一樣，我們在過去六個月內領取工資。我們已經得到了三四天村裡的報酬。所以，Casa 和 AA 都準時準時。

Thank you. And next questions come from Ina Ignacio Nikovski from Ina.

謝謝。接下來的問題來自伊娜 (Ina) 的伊娜·伊格納西奧·尼科夫斯基 (Ina Ignacio Nikovski)。

First one says, do you see any chance of renewing Mendoza's hydro concessions?

第一個問題是，您認為有機會續簽門多薩的水電特許權嗎？

The government has not yet decided what to do with the, with those concessions. Although we, we believe that the intention of the government is that they will remain on private hands or operated by, by private operators. So, so once they, they decide how they, they move forward, we will be able to, to give you more straight answer. Definitely, we do have interest in, in hydro concessions.

政府尚未決定如何處理這些讓步。儘管我們相信政府的意圖是它們將保留在私人手中或由私人業者經營。所以，一旦他們決定如何前進，我們將能夠給你更直接的答案。當然，我們確實對水力特許權感興趣。

It could be the Mendoza or it could be any other hydro concession in the country because if they are all, if they are auctioned again by the government, that it could be now all of the concessions will be for an opportunity, a potential opportunity.

可能是門多薩，也可能是該國任何其他水電特許權，因為如果它們都是，如果政府再次拍賣，那麼現在所有的特許權都將是一個機會，一個潛在的機會。

Thank you.

謝謝。

And next question from Ignacio.

伊格納西奧提出下一個問題。

It's about a BCAA sur project. So we already answered that. And the last one, it's about Ope Ecuador, what are the negotiations or extension plans for the Concession of Ocean?

這是關於 BCAA sur 項目的。所以我們已經回答了。最後一個是關於Ope Ecuador，海洋特許權的談判或延期計劃是什麼？

So.

所以。

Finally, we've been informed that the government has decided that the asset should be, should be returned to the state at the end of the concession on November, the 30th with plans to launch a new bidding process later on. So now we are collaborating with them and following all the contractual steps needed for the for the return of the asset to the government in this initial phase.

最後，我們獲悉，政府已決定在 11 月 30 日特許權結束時將資產歸還給國家，並計劃稍後啟動新的招標程序。因此，現在我們正在與他們合作，並遵循在初始階段將資產返還給政府所需的所有合約步驟。

That they are proposing.

他們正在提議。

Thank you Nico.

謝謝你尼科。

And next questions come from(inaudible)from Bank of America. First one is about in Conder. So we already mentioned answer that and the second one is regarding the reversal of the northern gas pipeline. How do you see the upsides from gas from local market and exports to Brazil in terms of production and pricing? And what are the dependent developments to increase the gas exports from Argentina?

接下來的問題來自（聽不清楚）美國銀行。第一個是關於康德的。我們已經提到這個問題的答案，第二個答案是關於北方天然氣管道的逆轉。您如何看待本地市場天然氣和出口到巴西的天然氣在生產和定價上的優勢？增加阿根廷天然氣出口需要哪些發展？

Okay. Regarding the opportunities of exporting gas to Brazil, we've been developing contacts with the Brazilian traders. The issue here is what's going to be the final transportation tariff to go from nen to eventually the end consumer in Brazil.

好的。關於向巴西出口天然氣的機會，我們一直在與巴西貿易商建立聯繫。這裡的問題是從 nen 到最終巴西最終消費者的最終運輸關稅是多少。

That's going to be basically the big question mark on whether the Argentinian Gas is going to be competitive in Brazil or not. But luckily, we do have an alternative for the gas flowing through the northern pipeline, which is the Chilean generation market in the mining sector of, of Chile in the north of Chile. So it would be a competition of these two markets for the Argentinian gas flowing north which accounts approximately to four from 4 to 5 million cubic per day.

這基本上是阿根廷天然氣公司在巴西是否具有競爭力的一個大問號。但幸運的是，我們確實有一個替代方案來取代流經北部管道的天然氣，那就是智利北部採礦業的智利發電市場。因此，這將是這兩個市場對向北流動的阿根廷天然氣的競爭，該天然氣的供應量約為每天4至500萬立方公尺。

So in a nutshell, we do, we do have two markets, one which is the Chilean market, which seems pretty anxious to, to get some of the Argentinian gas as well as the Brazilian. With the in this case, a question mark of how competitive the overall transportation tariff is going to be.

簡而言之，我們確實有兩個市場，一個是智利市場，它似乎非常渴望獲得一些阿根廷和巴西的天然氣。在這種情況下，整體運輸資費的競爭力如何是一個問號。

Thank you, Horacio.

謝謝你，奧拉西奧。

Next question comes from Raul Singh. Can you please provide guidance related to gas production for 2025 and onwards?

下一個問題來自勞爾·辛格。您能否提供 2025 年及以後天然氣生產的相關指引？

Yes. We are forecasting to end 2024 with a production of on average of around 13 million cubic meters per day, reaching peaks of around 16 million cubic meters per day. Next year, we see the average production of pampa increasing a little bit to 13.1 to 13.2 million cubic meters per day and reaching peaks of around 14.3 to 14.5 million cubic meters a day including exports to Chile. So that's more or less the answer to the question.

是的。我們預計到 2024 年底，平均產量約為每天 1,300 萬立方米，峰值產量約為每天 1,600 萬立方米。明年，我們預計南美大草原的平均產量將略有增加，達到每天 13.1 至 1,320 萬立方米，並達到每天約 14.3 至 1,450 萬立方米的峰值，其中包括對智利的出口。這或多或少就是問題的答案。

Thank you, Horacio. And next question comes from Florencia Maxor from Metlife after refinancing 27 and leverage at 0.8 times which are the next steps for the group.

謝謝你，奧拉西奧。下一個問題來自 Metlife 的 Florencia Maxor，在對 27 倍進行再融資並以 0.8 倍的槓桿率進行再融資後，這是該集團的下一步行動。

So hello Florencia. So after the refinancing of the 27 that I think it was a very good deal for the company and the country issuing debt with the minimum coupon for an Argentine company in the last five years.

你好，弗洛倫西亞。因此，在 27 號再融資之後，我認為這對公司和國家來說是一筆非常好的交易，以過去五年中阿根廷公司的最低票面利率發行債務。

We, we are very comfortable with our level of indemnities and our profile considering all of the projects that the company has in the pipeline nowadays.

考慮到公司目前正在進行的所有項目，我們對我們的賠償水平和我們的形象非常滿意。

So we do not see a necessity to, to go to the markets in the short term. Although we do not rule out taking action in the coming month to extend the maturity of the remaining 27 if we see a very favourable window in the market.

因此，我們認為短期內沒有必要進入市場。不過，如果我們看到市場非常有利的窗口，我們不排除在下個月採取行動延長剩餘 27 個債券的期限。

Thank you, Nico. Next question comes from Madias Ca Sarut from acap.

謝謝你，尼科。下一個問題來自 acap 的 Madias Ca Sarut。

First one is with the proposed government reforms allowing free contracting in the term market. How does Pampa plan to position itself competitively?

第一個是擬議的政府改革，允許在期限市場上自由簽訂合約。潘帕計劃如何定位自己的競爭地位？

Thank you for the question. Our competitiveness, we, are very optimistic of our, we, we are eager for this relation to happen because we, we believe Pampa has many strengths to yeah, to manage itself in this in a free, in a free market for two big reason. One is because Pampa is an integrated company. So the flexibility of of being able to so the fact that we produce the gas that our thermal plants will burn, give us a significant competitive advantage.

謝謝你的提問。我們的競爭力，我們，對我們的，我們，我們渴望這種關係的發生，因為我們，我們相信潘帕有很多優勢，是的，在自由的市場中管理自己，有兩個重要原因。一是因為潘帕是一家綜合公司。因此，我們能夠生產熱電廠燃燒的氣體，這項彈性為我們帶來了顯著的競爭優勢。

The second is related to to our portfolio of power generation plants and not only we have several combined cycles extremely efficient in terms of thermal efficiency. But they are also well located in terms that the cost of gas transportation because they are located at Wellhead is insignificant or inexistent. And that give us a competitive advantage vis a vis other power generation plants that need that, that need a, that is expensive transportation capacity and even they need a new infrastructure to, to be built. So and the third thing is that we have a, a very season, the very with a lot of a team with a lot of expertise, our commercial team for in power generation is well trained with a lot of expertise. We are the one of the biggest players on the on the Mattel.

第二個與我們的發電廠組合有關，我們不僅擁有幾個在熱效率方面極其高效的聯合循環。但它們也地理位置優越，因為它們位於井口，因此天然氣運輸成本微不足道或不存在。與其他需要昂貴的運輸能力，甚至需要建造新的基礎設施的發電廠相比，這給了我們競爭優勢。因此，第三件事是，我們有一個非常季節，非常有一個擁有大量專業知識的團隊，我們的發電商業團隊訓練有素，並擁有大量專業知識。我們是美泰兒最大的參與者之一。

So we are very comfortable to face that expected new environment.

所以我們很坦然地面對這個期待的新環境。

Thank you. Next question from Matias is regarding hydro concessions. So we already answered this.

謝謝。馬蒂亞斯的下一個問題是關於水力特許權。所以我們已經回答了這個問題。

And now Sebastian Launa once is asking regarding L&T projects which we already answered. And the next question says is Pampa seeking to see to sell legacy plants in Tucuman.

現在 Sebastian Launa 有一次詢問有關 L&T 專案的問題，我們已經回答了。下一個問題是潘帕正在尋求出售圖庫曼的遺留工廠。

So, so first of all, we do, we don't have power plants in the woman.

所以，首先，我們確實，我們在女人身上沒有發電廠。

And secondly, we are not seeking buyer for any of our power generation assets.

其次，我們不會為我們的任何發電資產尋找買家。

Thank you. Want to go. I don't know if you have, if you have more questions.

謝謝。想去。不知道你有沒有，如果你還有什麼問題。

There's one from, from Maia Karru. I think it's a follow-up. Says how much upside can you have from the deregulation in the segments of Ed an in the following years? I guess he's talking about power, right?

其中一封來自 Maia Karru。我認為這是一個後續。說一下在接下來的幾年裡，Ed an 細分市場的放鬆管制能帶來多少好處？我猜他在談論權力，對嗎？

Yeah, but that, that's, too soon to tell. Let, let us read the new regulation and, and, and do the math and, and we will, yeah, I come back to you but we don't know what, what is it going to look like yet.

是的，但是現在下結論還為時過早。讓我們讀新的規定，然後，然後，做數學計算，然後，我們會，是的，我會回到你身邊，但我們還不知道它會是什麼樣子。

So We don't have any more questions. Thank you everyone for your questions. And now I will turn to Lida for final remarks.

所以我們沒有更多問題了。謝謝大家的提問。現在我請利達做最後發言。

I know . Thank you so much for speeding up to get here or Nico. I don't know if you have any remarks that you wanted to add. I think we covered it all pretty well, right?

我知道。非常感謝你或尼可加速趕到這裡。不知道大家還有什麼想要補充的嗎？我認為我們已經很好地涵蓋了這一切，對吧？

The next call is next year so we don't see you all until the next year beforehand. We will if you have any questions or doubts or if there's any unanswered questions, just let us know. Contact us investor at pampa.com We're always happy to help you.

下次電話會議是明年，所以我們要等到明年才能見到你們。如果您有任何問題或疑問，或有任何未解答的問題，請告訴我們。聯絡我們 pampa.com 投資者 我們隨時樂意為您提供協助。

I wish you a good day. Bye.

祝你有美好的一天。再見。

Thank you for joining. Bye. (multiple speakers)

感謝您的加入。再見。 （多個發言者）