Pampa Energia SA (PAM) 2025 Q4 法說會逐字稿

Good afternoon, everyone, and thank you for waiting. I'm Raquel Cardasz from IR and we would like to welcome everyone to Pampa Energia's fourth quarter of 2025 results video conference.

各位下午好，感謝大家的耐心等待。我是來自投資者關係部的 Raquel Cardasz，我們歡迎大家參加 Pampa Energia 2025 年第四季業績視訊會議。

We would like to inform you that this event is being recorded.

我們謹此通知您，本次活動正在錄影。

All participants will be in listen-only mode during the presentation. After the company's remarks, there will be a Q&A session. Questions can only be sent in reading through Zoom. Should any participants need assistance, please send us a chat message.

演示期間，所有參與者將處於唯讀模式。公司發言結束後，將進行問答環節。問題只能透過 Zoom 會議以閱讀形式提交。如有任何參與者需要協助，請給我們發送聊天訊息。

Before continuing, 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. Investors should understand. That general economic and industry conditions and other operational 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. Now I will turn the video conference over to Lida. Please go ahead.

在繼續之前，請閱讀我們簡報第二頁的免責聲明。我想說明的是，前瞻性陳述是基於 Pampa Energia 管理層的信念和假設以及公司目前可獲得的資訊。它們涉及風險、不確定性和假設，因為它們與可能發生也可能不會發生的未來事件有關。投資人應該明白這一點。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，並可能導致實際業績與此類前瞻性聲明中表達的業績存在重大差異。現在我將把視訊會議交給麗達。請繼續。

Hello, Raquel.

你好，拉奎爾。

Thank you very much. And hello, everyone. Good afternoon.

非常感謝。大家好。午安.

Thank you for joining our call. I will make you a really quick summary so we can spend more time on questions with the management today. Q&A we have our CEO Mr. Mariani, our CFO Mr. Zuberbuhler, and our head of Oil and Gas, Mr. Torres.

感謝您參加我們的電話會議。我會給你一個簡短的總結，這樣我們今天就可以花更多的時間與管理層討論問題。在問答環節，我們有執行長馬裡亞尼先生、財務長祖伯布勒先生和石油天然氣部門負責人托雷斯先生。

So, let's go ahead with the first slide where we make a quick summary of 2025. November 25, 2025, marked our 20th anniversary of BAPA and the creation of BAPA. Back in 2009, 2005, we did not produce any oil or gas or did not generate any single megawatt-hour of generation. Electricity. So, 20 years later, BAPA accounts for 9% of the country's total natural gas production and reached a record daily production of 104,000 barrels of oil equivalent during the winter of 2025.

那麼，讓我們來看第一張投影片，快速總結一下 2025 年的情況。2025 年 11 月 25 日是 BAPA 成立 20 週年紀念日。早在 2005 年和 2009 年，我們既沒有生產石油也沒有生產天然氣，也沒有產生任何兆瓦時的電力。電。因此，20 年後，BAPA 佔全國天然氣總產量的 9%，並在 2025 年冬季達到了日產量 104,000 桶石油當量的創紀錄水準。

This year also marked a steep change in our oxygen profile. Our black flagship shallow development at Clinton DeAnda began the year producing less than 1,000 barrels of oil per day and now reached a 20,000-barrel goal by December of last year. As a result, total annual average production exceeded 84,000 barrels of oil equivalent per day. This is, 8% higher than last year and 73% up since 2017, the year after we acquired Petro gas Argentina, reflecting the sustained organic growth and discipline capital allocation.

今年我們的氧氣含量也發生了巨大變化。我們在克林頓德安達的旗艦淺層黑油開發案年初日產量不足 1,000 桶石油，到去年 12 月已達到 20,000 桶的目標。因此，年平均總產量超過每天 84,000 桶油當量。這比去年增長了 8%，比 2017 年（我們收購阿根廷石油天然氣公司後的第二年）增長了 73%，反映了持續的內生成長和嚴格的資本配置。

In the power segment, we consolidated a 15% share of Argentina's net electricity output.

在電力領域，我們佔了阿根廷淨電力產量的 15% 份額。

Achieving an outstanding 94% thermal availability rate in 2025.

2025年實現高達94%的熱能可用率。

We affirming our position as the country's leading IPP and demonstrating a reliable, efficient fleet cooperating under a gradually normalizing market framework.

我們鞏固了我們作為全國領先的獨立發電企業的地位，並展示了一支可靠、高效的船隊，在逐步正常化的市場框架下開展合作。

At a consolidated level, the BDA grew 8% year on year, surpassing the $1 billion mark.

整體來看，BDA年增8%，突破10億美元大關。

Mostly driven by power, gas, and Rincon de Granada.

主要由電力、天然氣和 Rincon de Granada 驅動。

While oil and gas and power each represent half of the EBITDA, we expect that ongoing growth at Rincon de Aranda will further expand oil and gas footprint in the EBITDA.

雖然石油天然氣和電力各佔 EBITDA 的一半，但我們預計 Rincon de Aranda 的持續成長將進一步擴大石油天然氣在 EBITDA 中的比例。

So, Tampa and its subsidiaries are deeply committed to the country's energy development. In 2025, we hit a new record high of $1.4 billion in CapEx, of which roughly half was destined to Rincon de Aranda, the largest single project development investment in our 20-year history.

因此，坦帕及其子公司致力於國家的能源發展。2025 年，我們的資本支出創下 14 億美元的新紀錄，其中約一半用於 Rincon de Aranda 項目，這是我們 20 年歷史上最大的單筆項目開發投資。

In 2026, we expect to set a new record high, allocating $770 million in Rincon de Aranda, very similar to last year, to reach production plateau, plus another $400 million for maintenance across our operations and around $600 million for TGS private initiative project.

2026 年，我們預計將創下新的紀錄，在 Rincon de Aranda 礦區投入 7.7 億美元，與去年非常相似，以達到產量穩定水平；此外，還將投入 4 億美元用於我們各項業務的維護，以及約 6 億美元用於 TGS 私人倡議項目。

So, moving on to the Q4 results, the quarter, the quarter's adjusted EBITA amounted to $230 million. This is a 26% year on year.

接下來來看第四季業績，該季度調整後的 EBITA 為 2.3 億美元。這比上年同期成長了26%。

Increase. Power generation was the main contributor, where since November, the new guidelines for the wholesale electricity market have allowed power producers to operate under a more decentralized scheme, improving price signals and enabling us to capture operational efficiencies and synergies with our EMP gas.

增加。發電是主要貢獻者，自 11 月以來，批發電力市場的新指導方針允許電力生產商在更加分散的方案下運營，從而改善價格訊號，並使我們能夠利用 EMP 天然氣獲得營運效率和協同效應。

Rincon de Aranda was the second key driver with this production ramping up, ramp up, accounting for 23% of the forests of ETA.

林孔德阿蘭達是推動產量增加的第二個關鍵因素，佔埃塔森林面積的 23%。

Supported by 10 Active paths as of today.

截至目前，共有 10 條活躍路徑支援。

Our capital structure continues to strengthen following the issuance of our twelve-year international bond. We closed the year with a net debt to a BDA ratio of 1.1 times an average debt life of almost 8 years.

發行十二年國際債券後，我們的資本結構持續增強。年底時，我們的淨負債與 BDA 比率為 1.1 倍，平均負債期限接近 8 年。

Quarter on quarter VDA decreased due to the gas season ability, seasonality, sorry, offset by Rincon de Aranda and the steady contributions from our utilities, TGS and TransCN.

由於天然氣季節能力、季節性因素等原因，VDA 環比下降，但 Rincon de Aranda 的產量以及我們公用事業公司 TGS 和 TransCN 的穩定貢獻抵消了這一影響。

Capex surged 81% year on year to $371 million in the quarter, of which 249 were invested in the development of Rincon de Aranda.

本季資本支出年增 81% 至 3.71 億美元，其中 2.49 億美元投資於 Rincon de Aranda 的開發。

Okay, so moving on the slide 6, the oil and gas segment adjusted EBITDA was $77 million in Q4, more than doubling last year's, driven by Rincon de Aranda, increased gas exports, and industrial demand.

好的，接下來看第 6 張幻燈片，石油和天然氣部門第四季度的調整後 EBITDA 為 7700 萬美元，比去年同期增長了一倍多，這主要得益於 Rincon de Aranda 項目、天然氣出口增加以及工業需求增長。

Higher transport and treatment costs partially offset these gains. Compared to Q3, the BDA declined due to the gas seasonality, but was smooth by Rincon de Aranda.

運輸和治療成本上升部分抵消了這些收益。與第三季相比，由於天然氣季節性因素，BDA有所下降，但到Rincon de Aranda時趨於平穩。

Lifting costs average $8 per barrel.

平均每桶油的吊運成本為 8 美元。

Of oil equivalent slightly below last year due to higher crude oil output and stronger gas demand offset by increasing gas treatment costs and the lease of temporary facilities at Limon Deronda.

由於原油產量增加和天然氣需求強勁，石油當量略低於去年，但被不斷上漲的天然氣處理成本和利蒙德龍達臨時設施的租約所抵消。

Quarter on quarter lifting costs per BOE increased due to this gas seasonality.

由於天然氣季節性波動，每桶油當量（BOE）的季度開採成本增加。

Gas lifting costs remain flat year on year at $1.2 per me BTO, an average of $1 during the 2025.

天然氣開採成本與去年持平，為每百萬英熱單位1.2美元，到2025年平均為1美元。

But rose quarter on quarter, again because of the gas seasonality, while oil declined sharply to below $11 per barrel from $36 last year's Q4, this is because, mainly because of Rincon de Aranda's ramp up and the divestment of mature conventional blocks.

但由於天然氣季節性因素，天然氣價格環比上漲，而石油價格則從去年第四季的每桶 36 美元大幅下跌至每桶 11 美元以下，這主要是由於 Rincon de Aranda 油田增產和成熟常規區塊的剝離。

Remind you all that last year, Q4 in Goaanda was Really a greenfield produced only from one well. On top of that, we were recording trucking expenses, testing expenses, and we also held a lot of mature blogs that today are divested.

提醒大家，去年第四季，戈安達地區其實是一片全新的油田，只靠一口油井來生產。除此之外，我們還要記錄運輸費用、測試費用，而且我們還經營著許多成熟的博客，但這些博客現在已經剝離了。

Total production averaged more than 81,000 barrels of fo equival per day, up 32% year on year. This is led by Rincon dean and Sierrachata, partially offset by decreases at Elman Gruso and in non-operated blocks, as well as the divestment of Tordio.

總產量平均每天超過 81,000 桶燃料油當量，較去年同期成長 32%。這主要得益於 Rincon dean 和 Sierrachata 的業績成長，但部分被 Elman Gruso 和非營運區塊的業績下滑以及 Tordio 的剝離所抵消。

For quarter, production dropped 18%, again explained by the gas seasonality. The production mix continues to evolve with oil rising to 22% of total output driven entirely by Rincon de Aranda.

本季產量下降了 18%，這同樣是由於天然氣季節性因素造成的。生產結構持續變化，石油產量佔總產量的 22%，這完全得益於 Rincon de Aranda 油田的產量成長。

Crude prices averaged nearly $61 per barrel of 4. This is 10% lower than last year due to the weaker rent, prices.

原油價格平均接近每桶61美元。由於租金和物價走弱，比去年下降了10%。

Without the hedging at Rincon de Aranda, our realized price would have been $53 per barrel.

如果沒有在 Rincon de Aranda 進行避險，我們的實際價格將是每桶 53 美元。

So, focusing now exclusively on Rincon de Aranda, the ramp-up stays on track. In Q4, we reached the first goal of 20,000 barrels per day after tying two pads, two new pads, with an average quarterly production of 17.1,000 barrels per day. This is a 19% increase quarter on quarter. As of today, 10 pads are online.

因此，現在只專注於 Rincon de Aranda，擴建工作仍在按計劃進行。第四季度，我們實現了每天 20,000 桶的第一個目標，新增了兩個油田，季度平均日產量為 17,100 桶。這比上一季成長了19%。截至今日，已有 10 款產品上線。

Of which 3 of them are currently undergoing testing, well, testing, and plus we have another 2 paths, DUC pads, and 2 other paths are under fracking. In 2025, Rincon de Aranda contributed $126 million of EPDA.

其中 3 條線路目前正在進行測試，此外我們還有 2 條線路、DUC 平台，以及另外 2 條線路正在進行水力壓裂。2025 年，Rincon de Aranda 為 EPDA 貢獻了 1.26 億美元。

Infrastructure buildout thanks to the RI incentive regime continues in parallel with the field development.

得益於RI激勵機制，基礎建設與油田開發同步進行。

Next month, we are installing an additional temporary processing facility with a focus on reaching 28,000 barrels by mid 2026, a key milestone toward the final production target of 45,000 barrels.

下個月，我們將安裝一座額外的臨時加工設施，目標是在 2026 年年中達到 28,000 桶的產量，這是實現 45,000 桶最終生產目標的關鍵里程碑。

Expected in 2027.

預計2027年。

So, moving to gas, sales grew 10% year on year but dropped 23% fee free from fee-free. This is again explained by seasonality. El Mangrusjo continued to lead the output, though its shares shrank to 46%, while Sierra Chata grew to 38% share with production up 439% year on year, supported by a new path that we tied in during the quarter.

因此，轉向汽油，銷售額年增 10%，但免手續費銷售額下降了 23%。這同樣可以用季節性因素來解釋。儘管 El Mangrusjo 的份額縮減至 46%，但其產量仍然領先；而 Sierra Chata 的份額增長至 38%，產量同比增長 439%，這得益於我們在本季度實施的新方案。

Together, they accounted for 84% of the total gas production.

它們合計佔天然氣總產量的 84%。

Gas prices averaged $3 perm, flat year on year. Industry sales supported the pricing, upset by lower export prices due to the brand underperformance and a drop in residential due to the lack tariff pass-through of the devaluation.

汽油價格平均為每加侖3美元，與去年同期持平。產業銷售支撐了定價，但品牌表現不佳導致出口價格下降，以及由於貨幣貶值導致關稅無法轉嫁，住宅銷售下降，這都對定價造成了衝擊。

In Q4 this year, 72% of our gas was sold under the Planned gas GSA Ameslan retail, down from the 81% Q4 last year due to the transfer of certain rounds of the planned gas volumes to fuel cell procurement in power. Which represented 4% of the total sales in Q425. Now, in December, we started to formally be doing the self-procurement of gas in Geneva and Lamellate.

今年第四季度，我們72%的天然氣透過計畫天然氣GSA Ameslan零售通路售出，低於去年第四季的81%，原因是計畫天然氣供應量的某些輪次被轉移到電力燃料電池採購。這佔2025年第四季總銷售額的4%。現在，從 12 月開始，我們正式開始在日內瓦和拉梅拉特進行天然氣的自主採購。

The self-procurement increased to 41% on average in January 2026. So, as a result, Plant gas GSA exposure shrunk to 37%. With the new guidelines in place, we expect 40% of this year's production to supply our own gas, or our own power generation, capturing margins and leveraging synergies between these two core businesses.

2026年1月，自主採購率平均提升至41%。因此，工廠氣體 GSA 暴露量減少至 37%。隨著新準則的實施，我們預計今年 40% 的產量將用於供應我們自己的天然氣或發電，從而獲取利潤並利用這兩個核心業務之間的協同效應。

Before moving from EMP, I want to just do a quick update on reserves. Total proven reserves rose 28% to 296 million BOE.

在結束 EMP 任務之前，我想先快速更新一下儲備狀況。已探明總儲量成長28%，達2.96億桶油當量。

Driven by our increased activity in Sierrachata and specifically in Rincon de Aranda, shale reserves grew by 55% year on year to 204 million barrels, and with shale oil now accounting for 19% of total reserves. The reserve replacement ratio was 3.2 times, extending the average life.

受我們在塞拉查塔（Sierrachata）和林孔德阿蘭達（Rincon de Aranda）地區活動增加的推動，頁岩油儲量年增 55%，達到 2.04 億桶，頁岩油目前佔總儲量的 19%。儲備金更換率為 3.2 倍，延長了平均使用壽命。

To 10.2 years. Since 2019, proven reserves have increased 118%, with the most significant expansion coming from shale since 2023, when the year when we started to actively develop bacamorda formation.

至 10.2 歲。自 2019 年以來，已探明儲量增加了 118%，其中最顯著的增長來自頁岩，自 2023 年以來，我們開始積極開發巴卡莫達組。

Okay, so moving to power generations, we posted an MBDA of $111 million in Q4, up 28% year on year, mainly driven by stronger spot prices under the new guidelines, especially, partially upset by power dispatch at Gelva's new CCGT due to the program maintenance.

好的，接下來是發電業務，我們第四季度的MBDA為1.11億美元，年增28%，主要得益於新準則下更強勁的現貨價格，尤其是由於Gelva新建的CCGT機組的電力調度因項目維護而受到一定程度的影響。

Total availability declined to 91% due to this scheduled maintenance and Gnelva Lomalalata and the ongoing outage that we are experiencing in ENISA since January. However, campus thermal availability continues to outpace the national grid under the new framework.

由於此計畫維護以及自 1 月以來 ENISA 持續的故障和 Gnelva Lomalalata 故障，總可用性下降至 91%。然而，在新框架下，校園供熱速度仍超過國家電網。

Also, Energia plus B2B contracts were discontinued, though we managed to re-contract in the B2B market. So, contract capacity remained stable year on year. With the new framework also performance balances between contracted capacity and this spot margin. So, value creation also can be driven by efficiency and fuel management. Those units with high low factors and self-procure fuel will achieve higher margins.

此外，Energia Plus 的 B2B 合約也已終止，不過我們設法在 B2B 市場重新簽訂了合約。因此，合約產能逐年維持穩定。新框架還能平衡合約產能和現貨利潤之間的績效。因此，效率和燃料管理也可以推動價值創造。那些低利潤率高且能夠自行採購燃料的單位將獲得更高的利潤率。

Turning to cash flow on slide 11, we show the parent company figures because this is aligned with our bond perimeter. Despite the higher cap be at Rincon deanda, we posted a limited $20 million free hour cash outflow in Q4 offset by strong MBDA and working capital inflows, mostly from winter collections. As a result, cash and cash equivalent stood at $1.1 billion. At the quarter end, this is $210 million more than September close.

在第 11 張投影片中，我們來看現金流，這裡展示的是母公司的數據，因為這與我們的債券範圍一致。儘管 Rincon deanda 的上限較高，但我們在第四季度僅錄得 2000 萬美元的自由工時現金流出，這被強勁的 MBDA 和營運資金流入所抵消，主要來自冬季收款。因此，現金及現金等價物為 11 億美元。截至季末，這比9月份的收盤價增加了2.1億美元。

Finally, on the balance sheet, gross debt was nearly $1.9 billion down 9% since 2024 December.

最後，從資產負債表來看，總債務接近 19 億美元，比 2024 年 12 月下降了 9%。

In November last year, we issued a $450 million international bond maturing 2037 with a record 20-year tenure. This is the first loan dated issuance by an Argentine corporate over a decade. And extending our average life to almost 8 years. The proceeds from this issues and the 20,234 notes that we issued in May were used to redeem all the outstanding international bonds, the 26th, the 27th, the 29 notes. And some of the local dollar bonds. As a result, net debt reached to $801 million. This is 1.1 million net leverages, maintaining a conservative capital structure while funding growth.

去年 11 月，我們發行了 4.5 億美元的國際債券，將於 2037 年到期，期限創紀錄地長達 20 年。這是阿根廷企業十多年來首次發行有日期貸款。並將我們的平均壽命延長至近8年。本次發行所得款項以及我們在 5 月發行的 20,234 張票據的收益，用於贖回所有未償還的國際債券、第 26 期、第 27 期和第 29 期票據。還有一些本地美元債券。因此，淨債務達到 8.01 億美元。這意味著淨槓桿率為 110 萬，在維持保守資本結構的同時，為成長提供資金。

Well, so this concludes the presentation.

好了，演講到此結束。

Thank you for hearing me. Now, the floor is open for questions. If you have a question, please send it through Zoom chat. We will read it and answer them in the order received.

謝謝你們聽我說。現在，歡迎提問。如有任何疑問，請透過 Zoom 聊天發送。我們會按收到順序閱讀並回覆。

Make sure your name and your company is displayed so we can correctly introduce you, to the audience. Should you any participant, need assistance, please send us a chat message. Please hold while we hold the questions.

請確保顯示您的姓名和公司名稱，以便我們能夠正確地向觀眾介紹您。如果您是參與者，需要任何幫助，請給我們發送聊天訊息。請稍等，我們暫緩提問。

Thank you.

謝謝。

All right, so we start.

好了，我們開始吧。

Done

完畢

Alejandro de Michelis from Jeffries, how do you see the evolution of production?

來自傑富瑞集團的 Alejandro de Michelis，您如何看待生產的發展演變？

Please a split between oil and gas.

請將石油和天然氣分開計算。

And of drilling and completion and lifting costs in 2026.

以及 2026 年的鑽井、完井和起吊成本。

Production, drilling D&C lift the costs.

生產、鑽井和鑽井作業都會增加成本。

Okay. Good afternoon and thank you everybody for joining. Regarding production, let's go first to oil. We are, as Lida mentioned, currently in around 19,000 barrels per day. Our target is to reach 25,000 barrels per day by the end of March, beginning of April, and then keep on ramping up to 27,000, even 28,000 barrels per day as of the half of the year.

好的。下午好，感謝各位的參與。關於生產，我們先來看石油。正如莉達提到的那樣，我們目前的日產量約為 19,000 桶。我們的目標是到 3 月底、4 月初達到每天 25,000 桶的產量，然後繼續提高產量，到年中達到每天 27,000 桶，甚至 28,000 桶。

Every, all of this is coming out of Rincon de Aranda.

這一切都源自於林孔德阿蘭達。

In terms of natural gas, we just closed February, around 14 million cubic meters per day. We will probably be reaching a peak of around 18 million cubic meters per day during the winter and an average of, approximately 13.5 million cubic meters per day compared to 12.5 million cubic meters per day in 2025. In terms of drilling and completion.

就天然氣而言，我們剛結束了2月的產量，大約是每天1400萬立方米。冬季期間，我們可能會達到每天約 1800 萬立方米的峰值，平均每天約 1350 萬立方米，而 2025 年的平均每天約為 1250 萬立方米。就鑽井和完井而言。

In Rincon de Aranda, we drilled 20 wells. We're going to be drilling 20 wells and completing 35 and in Sierra Chata, we will be drilling and completing 8 wells each.

我們在林孔德阿蘭達鑽了20口井。我們將鑽探 20 口井，完井 35 口；在 Sierra Chata，我們將分別鑽探和完井 8 口井。

And I'm missing, lifting costs, which are in the range of, will be in the range of $10 per barrel.

我還漏掉了提貨成本，提貨成本大約在每桶 10 美元左右。

Yeah, until.

是的，直到。

We get, until we get the CPF, but we're talking about 2026 and and a little bit less than $1 per million BTU in our gas operations.

我們明白，直到我們獲得 CPF，但我們說的是 2026 年，而且我們的天然氣營運成本略低於每百萬 BTU 1 美元。

Great. So, let's go to the next question.

偉大的。那麼，我們來看下一個問題。

Next question comes from Guidobiocero from Allaria about the hedging. How are the royalties settled? Are they including the hedge, or is that independent and settled at the market?

下一個問題來自 Allaria 的 Guidobiocero，關於對沖的問題。版稅是如何結算的？他們是否將對沖交易包含在內，還是對沖交易是獨立進行的，並在市場上結算？

No, royalties just do not have any connection to the hedging. They are set at the market price.

不，版稅與避險沒有任何關係。它們按市場價格定價。

All right.

好的。

Next question. Alejandro Christensen from Latin Securities.

下一個問題。來自 Latin Securities 的 Alejandro Christensen。

How much impact have you seen so far from resolution 425-25?

到目前為止，您認為第 425-25 號決議產生了多大的影響？

And how much additional impact do you expect in 2026, which will provide some color on the EBITDA growth outlook for this segment next year.

那麼，您預計 2026 年會產生多大的額外影響呢？這將有助於我們了解明年該業務板塊的 EBITDA 成長前景。

Next year, I guess 2027, right?

我猜是明年，或者說2027年，對吧？

This year.

今年。

Hi. Good afternoon, everybody.

你好。大家下午好。

Thank you for joining.

感謝您的參與。

The impact of the resolution so far.

該決議迄今為止的影響。

It's, I think what we have been.

我想，這就是我們一直以來的狀態。

Same in previous courses, between 10% and 15% vice-versa.

之前的課程也是如此，比例在 10% 到 15% 之間。

The EBITDA generation that we had in 2025, it's a lot more or less.

我們預計到 2025 年的 EBITDA 產量將比現在高出許多。

And that is what we expect for the segment as a whole.

這就是我們對整個細分市場的預期。

When you compare 2026 vice-versas the previous year.

將 2026 年與前一年進行比較。

I guess 2027 is too early to say.

我覺得現在說2027年還太早。

Right? Say it.

正確的？說出來。

Again. vice-versa, too early to say.

反過來也一樣，現在下結論還為時過早。

Too soon to, yes, yeah, and what.

現在說這些還為時過早，是的，是的，還有什麼？

What this resolution brings, it's also an improvement in our EMP business and that is thanks to the fact that now we are self-procured. We are selling the Well, the gas and our thermal power to use is provided by our EMT segment. So, that also brings and again, we are expecting here, but it's so far what we have seen in January and February.

這項決議帶來的成果之一是改善了我們的EMP業務，這要歸功於我們現在可以自主採購。我們正在出售油井，天然氣和我們使用的熱能由我們的EMT部門提供。所以，這也帶來了，而且，我們在這裡也有所期待，但到目前為止，我們看到的只是1月和2月的情況。

A 10% increase in quantity in the natural gas, produced by the segment and, that is thanks to the fact that we are self-procuring in our thermal plants.

該部門天然氣產量增加了 10%，這得益於我們在火力發電廠實現了自給自足。

And we cannot not put in much number of that profit, right? So, we're, the number you said is only for power generation, but the fact that we are self-procuring this vertical integration, we are not putting a number so far.

我們不能不投入大量利潤，對吧？所以，您提到的數字只是發電方面的，但考慮到我們正在進行垂直整合的自主採購，我們目前還沒有給出具體的數字。

An effect, right, an impact.

對，這是一種影響，一種衝擊。

Yeah, that, that's correct. So, that, that's in our projections, we expect on the power generation segment.

對，沒錯。所以，這是我們對發電領域的預測。

And around 10%to 15% increase in EBITDA.

EBITDA成長約10%至15%。

And another increase coming from the fact that the total gas produced by the empty segment will also go up by around 10%.

此外，由於空載段產生的氣體總量也將增加約 10%，因此氣體產量也會增加。

That's right. All right.

這是正確的。好的。

Next question coming from Alejandro as well, he says, have you signed any PPAs with private counterparties for energy or capacity?

接下來 Alejandro 也提出了一個問題，他說，你們是否與私人交易對手簽署了任何能源或容量購電協議？

Yes, we have been very active since November that this new resolution is Our commercial team has been extremely active, If I remember correctly, I think that we have sold like a The 70% now you can sell energy and capacity, we've been active in both.

是的，自去年11月這項新決議通過以來，我們一直非常積極地開展工作。我們的商務團隊也極為活躍。如果我沒記錯的話，我們好像已經賣出了大約70%的股份。現在你可以出售能源和容量，我們在這兩個領域都非常活躍。

Signed more than 100.

已簽署超過100份。

Something contract for a total of around 70 megawatts.

一份總裝機容量約為70兆瓦的合約。

So yes, we have been very active there.

是的，我們在那裡一直非常活躍。

All right. And then, how are you seeing natural gas demand and pricing in the industrial sector, industrial evolving during Q126?

好的。那麼，您如何看待工業領域的天然氣需求和價格，以及2026年第一季工業領域的天然氣發展趨勢？

We see the industrial demand is stable. It's, it accounts for less than around 10% of our overall production. And given the changes and the self-procurement, it's not a segment that we are very interested in there, we're not that interested. So, It wouldn't have an effect in pampa.

我們看到工業需求保持穩定。它僅占我們總產量的不到 10%。鑑於市場變化和自主採購，我們對這個領域並不太感興趣，我們真的不太感興趣。所以，它對潘帕斯草原不會有影響。

All right.

好的。

Next question coming also from Alejandro, what percentage of oil production remains unhedged throughout 2027?

下一個問題也是來自 Alejandro，2027 年全年石油產量中有多少百分比未進行避險？

Throughout 2027 means until or until the end of 2027.

2027 年全年是指直到 2027 年底。

Throughout. It means until 2027 in in English, right? But I don't know.

自始至終。用英語來說就是“直到2027年”，對嗎？但我不知道。

So, we are fully, basically we are fully hedged one year going forward.

所以，我們基本上已經對沖了未來一年的風險。

So, until the first quarter of next year, we are fully hedged.

因此，直到明年第一季度，我們都已做好充分的對沖。

All right.

好的。

Next question coming from wool market Felipe Collazo.

下一個問題來自羊毛市場，提問者是費利佩·科拉佐。

Following the deregulation, has Pampa been able to start acquiring gas from its own wells? I think it's all self-answer. Can you give a guidance of what the savings in fuel costs will amount to 2026?

解除管制後，潘帕公司是否能夠開始從自己的油井中取得天然氣？我覺得這都是自問自答的問題。能否預計到 2026 年燃料成本將節省多少？

Savings in in fuel costs.

節省燃油成本。

I don't see savings.

我沒看到有什麼節省。

We're making profit.

我們正在獲利。

Out of it. We are in vertically integrated, yeah, so we are producing more than before, right? That's right. So, January we produce.

脫離其中。是的，我們實行垂直整合，所以我們的產量比以前更高了，對吧？這是正確的。所以，一月我們開始生產。

We will be particularly producing more during 2026 in the winter time.

我們將在2026年冬季特別加大產量。

Yeah, it will be more like it will be.

是的，情況會更接近於此。

A flat curve.

一條平坦的曲線。

Yeah, but Q1 is already higher than Q1.

是的，但是 Q1 已經高於 Q1 了。

We already. said that, yeah, that, February ended up with almost 14 million cubic meters per day.

我們之前已經說過，是的，2月份的日均排放量接近1400萬立方米。

Well, last year's quarter, first, yeah, last year's first quarter, it was a little bit different because Q4, it was very bad and they took Camesa took more gas, but even that.

嗯，去年第一季度，是的，去年第一季有點不一樣，因為第四季度非常糟糕，他們讓Camesa加了更多油，但即使是那樣。

The production just takes into account that the overall average of 25 was 12.5 and we're saying that only February is around 14 million hubometers per day. So, we will definitely be, our estimation is that we will be producing around 13.5 to 14 million in 2026.

生產情況僅考慮了 25 月份的總體平均值為 12.5，我們說僅 2 月份每天就有大約 1400 萬個輪轂計。因此，我們肯定會達到，據估計，到 2026 年，我們的產量將達到 1350 萬至 1400 萬左右。

How long do you expect the RI RGI approval to take for the, Rincon de Aranda treatment plant? We used to think that application had been filed by mid 2025 when it was first announced, but some news articles from about a month ago suggest it was just done last January. Could you clarify that?

您預計 Rincon de Aranda 污水處理廠需要多長時間才能獲得 RI RGI 的批准？我們之前認為該申請會在 2025 年年中首次公佈時提交，但大約一個月前的一些新聞報道表明，該申請實際上是在去年 1 月才完成的。您能解釋一下嗎？

Yes, and I don't recall when we filed the really for a stream, but it was definitely third fourth quarter of last year, we haven't been, approved yet, but recently.

是的，我不記得我們是什麼時候提交的串流媒體申請，但肯定是在去年的第三季度和第四季度，我們還沒有獲得批准，但最近已經提交了。

They have, there was a new decree adding upstream.

他們確實有，有一項新的法令增加了上游監管。

Of oil to the rigis, so we are studying to file for a And, an additional, yeah, an overall riggie for the full development of Rincon de Aranda.

石油到鑽井平台，所以我們正在研究申請一個額外的鑽井平台，是的，一個用於 Rincon de Aranda 全面開發的整體鑽井平台。

All right. Do you plan to fund the CapEx by the new debt issues?

好的。你們計劃透過發行新債券來為資本支出項目融資嗎？

Hi everyone The best-case scenario, is, the answer is no. The idea is we have a big cash position that We have been acquired with our free cash flow and then last year, the issues.

大家好，最好的情況是，答案是否定的。我們的想法是，我們擁有大量的現金儲備，我們利用自由現金流進行了收購，然後去年，我們解決了一些問題。

So, the base case is that we use part of that cash to Complete our CapEx investment of this year. That being said, if We decide to embark in new projects or Or any other new investments.

因此，基本方案是我們將部分現金用於完成我們今年的資本支出投資。也就是說，如果我們決定開展新項目或其他任何新的投資。

We have to revalue that decision, that pay scenario.

我們必須重新評估那項決定，那套薪酬方案。

And of course, there's always I'm very opportunistic. So, if spreads keep tightening, that is something that we will look. But the best case scenario is that we will face the capital investments with our cash position.

當然，還有一點就是我很會把握機會。所以，如果價差持續收窄，這將是我們關注的重點。但最好的情況是我們能夠利用現有的現金儲備來應對資本投資。

Wait.

等待。

This question comes from from Juan Ignacio Lopez from Wende.

這個問題來自 Wende 的 Juan Ignacio Lopez。

I think we haven't answered this yet, but what's the guidance about CapEx for 2026, Oganas and Ped.

我認為我們還沒有回答這個問題，但是 Oganas 和 Ped 對 2026 年的資本支出有什麼指導意見？

But Around total gapics.

但大約總共有 gapics。

Sorry, before that, we don't give guidance, but what I will give you, we will share with you what the our board approved by the budget for the budget, right.

抱歉，在此之前我們不提供指導，但我會與你分享我們董事會批准的預算內容，對吧。

And it, the, as it says, the, restricted group only, so I, it's basically, it's around $1.1 billion dollar, basically $1 billion the EMP segment and less than $100 million on power generation because it's only maintenance CapEx.

而且，正如它所說，僅限受限群體，所以，基本上，大約是 11 億美元，基本上 10 億美元是 EMP 部分，不到 1 億美元是發電，因為它只是維護資本支出。

So, we don't have any Project, any new project going on that, on the power generation segment.

所以，我們在發電領域沒有任何項目，也沒有任何新項目正在進行。

That answer is almost around 1 billion

答案接近10億。

1 billion.

10億。

Awesome. So, next question, he says specifically how much of that is maintenance and how much is the schedule for thermal plants this year. It's pretty much, yeah.

驚人的。那麼，下一個問題是，他具體說明了其中有多少是維護工作，又有多少是今年火力發電廠的計畫工作。差不多就是這樣。

It's it's around $80 million and it's all maintenance cap, yes.

大約是 8000 萬美元，而且全部都是維護費用，是的。

And second, guidance regarding free cash flow, which again, we don't do guidance, but we can share with you what it's approved by the budget and what crude realized price are you assuming for your base case scenario.

其次，關於自由現金流的指導意見，我們同樣不提供指導意見，但我們可以與您分享預算批准的內容以及您在基本情景中假設的原油實際價格。

In. So, we expect total Capex, including maintenance Capex, investment Capex, and the equity that we will deploy to our joint ventures.

因此，我們預期總資本支出，包括維護資本支出、投資資本支出以及我們將投入合資企業的股權。

All that will imply more or less $500 million negative cash flow after all investments. So, that is what.

所有這些加起來，扣除所有投資後，將產生約 5 億美元的負現金流。就是這樣。

Will bring the cash position from $1.2 billion to $700 million roughly.

這將使現金儲備從12億美元減少到約7億美元。

All right.

好的。

What else?

還有什麼？

And the price of oil.

還有石油價格。

Yeah.

是的。

Would be.

會的。

The price of oil assumed for the budget, I think, was, less than 6 $58.

我認為，預算中假設的石油價格低於 6.58 美元。

Well, that, that's the one assuming the budget, but I think what is relevant here is the hedge price that is around $66.

嗯，那是假設預算不變的情況，但我認為這裡相關的是對沖價格，大約是 66 美元。

Yeah, that's correct.

是的，沒錯。

A little bit above $66 right? So, the hedge is rent, right? And then after discounts and export duty, which is 8%, is roughly a little bit lower than.

略高於 66 美元，對吧？所以，對沖就是租金，對吧？扣除折扣和出口關稅（8%）後，實際價格大致比預期略低。

It's roughly a little bit above $58.

大約略高於 58 美元。

Depending on the this company, you mean the wellhead, it's realized FOB because wellhead you have to account the transport transportation.

根據這家公司的情況，如果你指的是井口，那麼它是 FOB 交貨，因為井口交貨需要考慮運輸成本。

And okay, next question.

好的，下一個問題。

Oh, so I'm never doing this 6:30.

哦，看來我永遠做不了6:30的工作了。

You're never doing this 6:30 again. So, Tisha Caterusi Mata Matias from ACA.

你以後再也不用在6點半上班了。來自 ACA 的 Tisha Caterusi Mata Matias。

How should we think the quarterly production ramp up through 2026, particularly toward the around 24,000 barrels per day level by second quarter of 2026 and around 28,000 by third quarter of 2 we've been through that.

我們應該如何看待到 2026 年的季度產量成長，特別是到 2026 年第二季達到每天約 24,000 桶的水平，到 2026 年第三季達到每天約 28,000 桶的水平？我們已經經歷過這種情況了。

That is exactly he's answering the question. Yeah.

他正是這樣回答這個問題的。是的。

He he's answering, but then after, so the 28 in the chart we put like it's like. 28 and then sharply goes up to the plateau. No, that's not going to happen. What do you think?

他回答道，但之後，圖表中的28就像這樣，28，然後急劇上升到平台期。不，那不會發生的。你怎麼認為？

It doesn't sound like nature.

聽起來不像自然界的景象。

Vertical.

垂直的。

Fortunately it's not that.

幸好事實並非如此。

No.

不。

And it's not financially efficient, so it's going to be probably going to be a ramp up curve going from 28,000 to 45,000 in around 5 to 6 months.

而且從經濟角度來看效率不高，所以產量可能會在 5 到 6 個月內從 28,000 增加到 45,000。

Okay, Maths is asking quite aggressive.

好的，數學這題要求有點高。

Yeah.

是的。

Given that Pampa has more gas reserves that it can currently monetize, would you consider monetizing part of our of your gas re portfolio for farm out or farm downs or asset sales?

鑑於 Pampa 擁有的天然氣儲量遠超其目前能夠變現的儲量，您是否考慮將部分天然氣資產組合變現，用於農場轉讓、農場減產或資產出售？

We could consider, but we are not actively seeking.

我們可以考慮，但我們目前並未積極尋求。

To do so.

這樣做。

Could you update us, another from Mathas, could you update us on solar energy FLNG project, specifically timing, expected volumes, and potentially BDA Capex contribution from Pampa, and what the LNG FOB price assumption, it's basically the Coca-Cola.

您能否更新一下Mathas的另一個項目，您能否更新一下太陽能FLNG項目的情況，特別是時間安排、預期產量，以及Pampa可能貢獻的BDA資本支出，還有LNG FOB價格的假設，這基本上就是可口可樂。

Everything.

一切。

Yes, in terms of timing, we are, expecting the first vote by the second half of, 2027 and the second one by the second half of 2028.

是的，就時間表而言，我們預計第一次投票將在 2027 年下半年進行，第二次投票將在 2028 年下半年進行。

For a total demand of 6 million tons per year, that's around, roughly around 24 to 2024, 25 to 26 million cubic meters per day. We have 20% out of that.

如果年總需求量為 600 萬噸，那麼到 2024 年，每天大約需要 2,400 萬至 2,600 萬立方公尺。我們佔了其中的20%。

And the biggest capital or the biggest CapEx in, involved in the project now is the construction.

目前該項目涉及的最大資本或最大資本支出是建設。

Of the dedicated gas pipeline from Tratta.

來自特拉塔的專用天然氣管道。

To San Antonio Ete, which will account for probably around $1.5 billion less than that, hopefully less than that, 1 from 1.3 to 1.5, and, out of which we could consider that 60% will be financed and maybe 40%, 30% to 40% is going to be equity and out of that we have 20%.

聖安東尼奧的 Ete 項目可能比這少 15 億美元左右，希望更少，13 億到 15 億美元之間，其中我們可以考慮 60% 將透過融資獲得，40% 到 40% 將透過股權獲得，其中 20% 為股權。

So, that's a major Capex that we will be facing.

所以，這將是我們面臨的一筆重大資本支出。

Francisco Cacapon from DNA, he's asking, what new opportunities do you foresee in the generation segment, if any?

來自 DNA 的 Francisco Cacapon 問道：您認為在世代細分市場中有哪些新的機會（如果有的話）？

Do you expect, I'm.

你期望我…

Sorry, just to add something that's relevant, we signed our first long-term contract with the German agency, for 2 million tons per year.

抱歉，補充一點相關信息，我們與德國代理機構簽訂了第一份長期合同，每年供應 200 萬噸。

It's binding. Is it binding? It's binding.

它具有約束力。它有約束力嗎？它具有約束力。

It's binding, yeah, more than binding.

它具有約束力，而且不僅僅是約束力。

Great, awesome. The first sale.

太棒了！首次銷售。

Binding for both sides.

兩面均有裝訂。

Great.

偉大的。

All right, shifting to power generation, Francisco Cacaron from DOMA is asking, do you foresee any opportunities there?

好的，接下來我們來談談發電方面的問題。 DOMA 的 Francisco Cacaron 問：您認為這方面有什麼機會嗎？

Do you expect to increase install capacity this year in the near term?

您預計今年近期內會增加安裝容量嗎？

But, to increase this year impossible because these projects.

但是，由於這些項目，今年增加預算是不可能的。

It takes several years to be installed. What could be done in the short-term, could be something like the batteries and today.

安裝需要數年時間。短期內可以採取的措施，例如今天就採取電池之類的措施。

TESA, our Secretary of Energy, announced, a new auctions of, batteries similar to the one that was done.

我們的能源部長TESA宣布，將舉行與先前類似的電池新一輪拍賣。

Last year, the one that last year was with within, the Buenos Aires area and this one is all around, the country but has been published today. Honestly, I didn't have time to take a look at it. Usually these are more projects.

去年，布宜諾斯艾利斯地區的報道範圍很廣，而今年的報道則覆蓋了全國，但今天才正式發布。說實話，我沒時間去看。通常這些是更多的項目。

Very competitive. We have colleagues very aggressive on pricing.

競爭非常激烈。我們有些同事在定價方面非常激進。

So, Not sure whether we are going to be actively in in this in this auction.

所以，還不確定我們是否會積極參與這次拍賣。

Right.

正確的。

Well, that's it.

好了，就這些。

Okay, so Austin Pacheco from Ariba, he's asking, given the improvement in power prices under the new wholesale electricity market framework, are you now seeing higher returns in power generation relative to shale oil?

好的，來自 Ariba 的 Austin Pacheco 問道，鑑於新的批發電力市場框架下電力價格的改善，您現在是否看到發電相對於頁岩油更高的回報？

What a question to shade.

這個問題真值得好好探討。

We are seeing higher returns on the power generation, the vice-versa previous year relative to shale oil.

我們看到發電收益更高，而去年相對於頁岩油則相反。

And They have the power generation margins have improved. I still think that the shale oil provides a higher.

他們的發電利潤率也提高了。我仍然認為頁岩油的性價比更高。

Expected, returns than power generation.

預計收益將高於發電收益。

There are 2 animals, right? Yeah, 2 different animals, exactly different risk, exactly, but.

這裡有2隻動物，對吧？是的，兩種不同的動物，風險也完全不同，但是。

Despite these changes, we are very comfortable with the development of that we are doing in Rincon de Aranda and adding the oil segment to pump. It, that is where the question.

儘管發生了這些變化，但我們對我們在 Rincon de Aranda 的發展以及將石油部分添加到泵站感到非常滿意。問題就在這裡。

This. (inaudible)

這。（聽不清楚）

Talk about, yeah.

確實，說說看。

Well, with the recent extension of the RGI, are you thinking to apply? I think we answered.

鑑於最近 RGI 的延期，您是否考慮申請？我認為我們已經回答了這個問題。

That. Yes, we are starting to apply for the.

那。是的，我們已經開始申請了。

Upstream part of.

上游部分。

He's.

他是。

Asking, I think it's for to to answer, but the expected impact on project economics and timing.

問這個問題，我認為是為了回答，但預期會對專案的經濟效益和時間安排產生什麼影響。

So, we can give him a quick summary of the relief if you, if I may. So, it's basically, after the 1st year you get, export duties abolished, removed, right, at the 1st year, the tax percent, the tax break rate goes down from 35% to 25%, accelerated depreciation, so the imposable amount. It's smaller as well, so that helps for the first years of the operation.

所以，如果可以的話，我們可以向他簡單總結一下救援情況。所以，基本上，第一年之後，出口關稅被取消，對吧，第一年稅率，稅收減免率從 35% 降至 25%，加速折舊，因此應徵金額。它的規模也比較小，這對營運的最初幾年很有幫助。

BAT can be, BAT craze can be monetized.

BAT 可以獲利，BAT 熱潮可以貨幣化。

What else, if I can remember, I think I think it's pretty much that it, right.

還有什麼呢？如果我沒記錯的話，我想應該就這些了吧。

But it's a 30-year, time that they give you, right, the, and then, of course, free disposal of all the proceeds, abroad, if you export, you can keep it.

但這是他們給你的 30 年時間，對吧，然後，當然，如果你出口，你可以自由處置所有收益，在國外你可以保留它。

I don't, I think that's the key, takeaway from rishi.

我不這麼認為，我認為這是關鍵，是聖賢教誨的精髓所在。

Don't worry.

不用擔心。

That's not AI to produce that.

那不是人工智慧生成的。

I have to think about it.

我得好好想想。

So, he said, Well, congratulations, from Tao Zapata from Proficio. He's asking the Rihi upspring, how broadens the scope of the Rincon de Aranda project and how could accelerate the development?

所以，他說：“好吧，來自 Proficio 的 Tao Zapata，祝賀你。”他向 Rihi 的後代們詢問，如何擴大 Rincon de Aranda 計畫的範圍，以及如何加快開發進程？

He's asking.

他在問。

The whole.

全部。

Impact, okay, the Rigi, the possibility of, the Rigi is going to give a significant, let's say, help to develop the northern part of Rincon de Aranda which will have an impact both in the ramp-up curve and also in the total amount of oil to be recovered from the area.

影響，好的，里吉山，里吉山的可能性，將會對林孔德阿蘭達北部地區的開發產生重大影響，例如，這將對該地區石油產量的增長曲線以及可採石油的總量產生影響。

So, we think that this is a major change in the overall economics of the project.

因此，我們認為這對專案的整體經濟效益來說是一個重大變化。

He's asking, should we expect any updated production guidance and timing, meaning adding rigs or drilling capacity or having more capacity.

他問，我們是否應該期待任何更新的生產指導和時間安排，這意味著增加鑽機或鑽井能力或擁有更多產能。

Contracted. It will probably, happen. It's not going to change the short-term curve, but it's going to have an impact in the medium term. Something we're still analyzing and obviously is, contingent to the reapplication.

已簽約。這很可能會發生。這不會改變短期曲線，但會對中期產生影響。我們仍在分析此事，而且顯然，這取決於重新申請的結果。

All right. Someone I don't know, but its name is Armando Moretti, which is very weird. He's asking a question that we will usually answer. Do the companies planning, distribute any dividends in the near future?

好的。我不認識這個人，但他的名字叫阿曼多·莫雷蒂，這很奇怪。他問的這個問題，我們通常都會回答。這些公司近期是否有計畫發放股利？

No, we're not planning to distribute dividends, in the near future as Pto explained. We have a, negative free cash flow this year, and we expect still too early to say that's something that.

不，正如Pto解釋的那樣，我們近期沒有派發股息的計劃。我們今年的自由現金流為負，現在就斷言情況會如何還為時過早。

Bright, even so slightly positive, in 2027.

2027 年前景光明，甚至略帶正面。

But we still see.

但我們仍然能看到。

A lot of opportunities to continue growing, so, Yeah Because of this situation, we're not planning dividends in 2026.

有很多繼續成長的機會，所以，是的，由於這種情況，我們不打算在 2026 年派發股息。

From Moneda Patria Ignacio Razaal asking, he wants to double click on the CapEx estimates. From Rincon de Aranda, $770 million budget for this year, how much is wells versus infrastructure?

據 Moneda Patria Ignacio Razaal 詢問，他想對資本支出估算進行雙擊。根據 Rincon de Aranda 報道，今年的預算為 7.7 億美元，其中有多少用於油井建設，又有多少用於基礎建設？

Yeah, it's approximately $500 million in wells, and the difference will be, facilities. Great.

是的，油井價值約 5 億美元，差額將用於設施建設。偉大的。

How much in maintenance for generation is $80 million that we said. TGS, what we said is considering, Perito Motor expansion and maintenance, yes, it's It's $600 million of the expansion of the Perito Moreno.

我們之前說過，發電設施的維護費用是 8,000 萬美元。TGS，我們所說的是考慮Perito Motor的擴建和維護，是的，Perito Moreno的擴建工程耗資6億美元。

This year, this year, yeah.

今年，今年，是的。

This year, no, total it's over 700 million times, but.

今年，不，總共超過 7 億次，但。

But we haven't talked about, TGS CapEx.

但我們還沒有討論過TGS資本支出。

Very briefly in the evolving chart, evolution chart. I miss it, maintenance on TGS.

簡而言之，在演變圖中，演變圖。我想念TGS的維護。

Like $90 million per year, more or less, total, right? .

總共大概每年9000萬美元，對吧？。

The trunk, the regulated trunk, the liquids, and what is left from midstream, that's $90 million per year.

幹線、受監管的幹線、液體以及中游剩餘部分，每年價值 9,000 萬美元。

What should we expect for next year's? Whoa, that's, for Rincon de Aranda, when we reach plateau, it's just maintenance.

我們對明年應該抱持什麼樣的期待？哇，對 Rincon de Aranda 來說，當我們達到發展瓶頸期時，就只是維持現狀了。

Yeah, so it's, I mean, it's just drilling and competing for the, to fill up the decline.

是的，我的意思是，就是鑽探和爭奪，以填補下降的礦藏。

Gas, we are already, gas.

我們已經身處天然氣之中。

We are almo we already reached our plato.

我們幾乎已經到達了我們的平台期。

But when we have CIA, we.

但有了中央情報局，我們就…

Will, when we have CIA, we need to decide whether we're going to be supplying all of the demand above CIA or we will be replacing, some of our demand with CEA, something that we need to.

威爾，當我們有了 CIA 之後，我們需要決定是否滿足 CIA 以上的所有需求，還是用 CEA 來取代我們的一些需求，這是我們所需要的。

In power generation, we don't have any projects in the pipeline, so that's it.

在發電領域，我們目前沒有任何正在籌備的項目，就是這樣。

Next question from Ignacio, it's, what are the conditions of the B2B PPAs that you sign, which is very broad, like, we have some in INISA, some in.

伊格納西奧的下一個問題是，你們簽署的 B2B PPA 的條件是什麼？這非常廣泛，例如，我們在 INISA 有一些，在其他地方也有一些。

Yeah, for example, information, but I think the volume is around 70 megas prices for energy.

是的，例如信息，但我認為交易量大約是 70 兆瓦，能源價格。

In the mid-50s.

五十年代中期。

Yeah, it's, we are doing summer winter, we are doing peak off peak.

是的，我們既有夏季也有冬季，既有高峰期也有非高峰期。

Yeah, they are one year contracts, yeah.

是的，都是一年期的合約。

One year contracts. We have a 1st year, mostly of that 70 megas it's first tier, which is meaning, it's mandatory, but we have some second tier.

一年期合約。第一年，70個超級英雄中大部分是第一級，這意味著是強制性的，但我們也有一些第二級。

.

。

That's it, yeah, and in terms of, capacity for the regulation has in order to incentivize the contractualization is that.

就是這樣，是的，就監管能力而言，為了激勵合約化，情況就是這樣。

Industries pay a higher capacity charge than what we collect. So, that incentivize contractualization because We sell a little, our capacity a little bit better than what we sell to Camisa.

各行業繳交的容量費高於我們收取的費用。所以，這激勵了合約化，因為我們賣出的產能比賣給 Camisa 的好一些。

And industries get in.

各行業也紛紛加入。

Reduced price from what Camesa charged them, yeah.

是的，比Camesa向他們收取的價格低了。

Well, Andres Emiliano from Balance, the liberalization of the power market contemplates self procurement energy by distributors.

來自 Balance 的 Andres Emiliano 表示，電力市場自由化設想由經銷商自行採購能源。

When do you consider this will be fully implemented and how do you expect to impact your power segment?

您認為這項措施何時才能全面實施？預計會對貴公司的電力部門產生怎樣的影響？

I guess the B2C conference is what he's asking.

我猜他問的是B2C會議。

That we haven't done any.

我們沒有做過任何事。

No, we haven't done any yet. Probably some of our colleagues, especially the hydro, the recently the hydro units have that, but have not, that is not yet a public information.

不，我們還沒有做過。可能我們的一些同事，特別是水力發電部門，最近水力發電裝置有這種情況，但是還沒有，這還不是公開資訊。

So, that is a market that we need to see how it will evolve. I don't have any clarity right now.

所以，我們需要觀察這個市場會如何發展。我現在還不清楚。

Another question comes from Andres Cardona from CI.

另一個問題來自CI的Andres Cardona。

Regarding power generation, we already answered this, the second question, is there any short to mid-term M&A opportunity?

關於發電方面，我們已經回答了這個問題。第二個問題是，短期到中期內是否有併購機會？

Is there more likely to be for austrian or for power generation?

更有可能是奧地利方面還是發電方面？

In the, there's nothing in the short-term. So, there's nothing in the pipeline that is a question that we are studying neither in EMP or power generation.

短期內不會有任何變化。所以，目前沒有任何專案是我們正在研究的電磁脈衝或發電方面的問題。

Yeah.

是的。

Harder to see how that is going to evolve going forward, but we are not actively engaged in any In any and opportunity.

很難看出未來會如何發展，但我們目前沒有積極參與任何相關活動或機會。

This question was answered in previous calls, but, well, the Publio Serenola, there's always a new audience. So, what do you have, any, information about rincon Diandas, specifically in the type of rive, like for example, was it estimated new Rs, IP 40 DNC cost per barrel.

這個問題在之前的電話會議中已經回答過了，但是，嗯，Publio Serenola，總會有新的聽眾。那麼，您有什麼關於 Rincon Diandas 的資訊嗎？特別是關於河流類型，例如，估計新的 Rs，IP 40 DNC 每桶成本是多少？

We don't give any.

我們不給。

Guidance.

指導。

Very good.

非常好。

And it's like around 1.3.

大概是 1.3 左右。

Okay, it's probably around 1.1 million barrels, of EUR, and, in terms of cost, we should be hitting, $15 million per well approximately.

好的，預計可採儲量約為 110 萬桶 EUR，就成本而言，每口井的成本應在 1500 萬美元左右。

Your well, it's fully considered the whole thing, all of it.

嗯，這完全考慮到了所有的一切。

All of it, all the way to the collecting pipeline, correct.

全部，一直到收集管道，沒錯。

Which, sometimes is different from the measures from other players. Yeah, of course.

這有時與其他玩家的衡量標準有所不同。當然。

Another question from someone I don't know, it's called Guilhelmogugu.

另一個我不認識的人問了我一個問題，它叫 Guilhelmogugu。

How is pampas involved in transcender cell?

潘帕斯是如何參與超越細胞的？

No, we are not involved.

不，我們沒有參與其中。

Can you give us from Santiago Herrera, malaria, can you give us some color from the next maintenances in power plants program in power in the power plants? Usually we do it when it's off peak, right?

您能否從聖地亞哥·埃雷拉那裡了解瘧疾的情況，以及發電廠下一次維護計劃的情況？通常我們會在非尖峰時段進行，對吧？

No, obviously we do, yeah, we do it either in autumn or in fall if, I think they plan, and this year I don't have anything in my mind for this fall, probably during.

不，顯然我們會，是的，我們會在秋季或秋天進行，如果他們有計劃的話，我認為今年秋天我沒有任何想法，可能會在秋季進行。

Oh, sorry, for spring or fall, but I don't recall at this moment which plant has a significant.

哦，抱歉，是春季還是秋季，但我現在想不起來哪種植物有特殊意義了。

Maintenance, yeah, most probably would be Gelva and Lomadata. Those are the two relevant ones, but.

維護工作，沒錯，很可能是 Gelva 和 Lomadata。以上是兩個相關的問題，但是…

The legacy, right? The legacies.

這就是傳承，對吧？遺產。

All right, is there any change in 2026 CapEx considering the oil prices? This is a more recent peso appreciation.

好的，考慮到油價，2026年的資本支出會有變動嗎？這是比索近期升值的情況。

No, nothing at all.

不，什麼都沒有。

Guidobisocero, his boss, he's asking, Ureache, is there any further information to share about this project?

Guidobisocero，他的老闆，他問 Ureache，關於這個專案還有什麼其他資訊要分享嗎？

No, not at this point. Not at this point. We're still working, a lot.

不，目前還不行。目前還不行。我們仍在努力工作，而且工作量很大。

But as it usually happens, There are delays, so it will take a At least another semester to have a And more information about this project.

但通常情況下，專案會延期，所以至少還需要一個學期才能獲得更多關於該專案的資訊。

Usto Oaria from Bank of America, he's asking a little bit different from the hedge, but he said, how does we how does the pampas oil prices hedge works in this new environment of high oil prices?

來自美國銀行的烏斯托·奧裡亞提出的問題與對沖策略略有不同，但他問道，在當前高油價的新環境下，潘帕斯石油價格對沖策略是如何運作的？

Well, I would say that, last year we realized like, on average $7 profit from per barrel.

嗯，我想說，去年我們平均每桶原油的利潤約為 7 美元。

Right?

正確的？

$7 per barrel, profit from our hedge strategy.

每桶7美元，我們的避險策略帶來利潤。

This year and since today, we are probably losing $4 or $5.

今年至今，我們可能要損失 4 到 5 美元。

Per barrel in our hedge strategy. So, but we will see how prices evolve throughout the remaining of the year.

在我們的對沖策略中，每桶。所以，我們將觀察今年剩餘時間內價格的走勢。

Gustavo is also asking, are you open for new investments outside power and gas, oil and gas within Papa structure?

Gustavo 也問道，Papa 公司是否願意在電力、天然氣、石油和天然氣以外的領域進行新的投資？

We, as long as within the scope of energy of Pampa, we are open to anything. We are not studying apart from the urea project. We are not studying or not planning any different investment.

只要在潘帕斯能量的範圍內，我們對任何事都持開放態度。除了尿素項目之外，我們沒有進行其他研究。我們目前沒有研究或計劃進行任何其他投資。

Okay, so Jonathan Swarth from Dead Water is asking, why did you retire production from plant gas in round 1 and round 3?

好的，Dead Water 的 Jonathan Swarth 問道，為什麼你們在第一輪和第三輪停止了工廠天然氣的生產？

To reallocate to our power generation to.

重新分配到我們的發電系統。

Vertical integration vertical integral, we still have some from the last round, the 4.2, right? Yeah.

垂直積分，我們還有一些上一輪的積分，4.2，對吧？是的。

We.

我們。

Still.

仍然。

Have.

有。

That which we don't with which, no news.

我們不了解的，沒有消息。

We.

我們。

Are.

是。

We're still negotiating, eventually the Handing over of that gas back to papa to be able to say again, decide what to do with that gas rather than sell it to NSA.

我們仍在談判，最終目的是將這些天然氣交還給“爸爸”，讓他再次決定如何處理這些天然氣，而不是賣給美國國家安全局。

Well, he's asking also, could you explain about the $55 million positive impairment, so recovery of impairment in generation. Yeah, so Central Pierrabuna, our 620 megawatts in Baya Laga, it's a two steam turbine that low factor is very low. This last year was high because it was a dry year, but usually it's low. So, under the legacy scenario, under the old regulated remuneration, they have an impairment. Now that we have this new scheme that also recognizes a big it, like a big, it's a 30% boost in the capacity because, Central Tirrauena can also operate under alternative fuels. This is way better than anybody can pay just because of that flexibility, it's cashing more money and cashing more cash flow. That's why we reversed that impairment. I hope that was clear.

他還問，你能解釋一下 5500 萬美元的正減損損失嗎？也就是發電過程中的減損損失回收。是的，位於巴亞拉加的中央皮埃拉布納電廠，裝置容量為 620 兆瓦，是一台雙蒸汽渦輪機電廠，低能耗係數非常低。去年氣溫偏高是因為當年乾旱，但通常氣溫較低。因此，在舊有的薪酬制度下，也就是舊的監管薪酬制度下，它們會遭受損失。現在我們有了這個新方案，它也認可了它的一大優勢，例如，產能提高了 30%，因為中央蒂勞埃納也可以使用替代燃料來運作。僅僅因為這種靈活性，它就比任何人能支付的價格都要好得多，它能帶來更多現金和更多現金流。這就是我們扭轉這種局面的原因。希望我解釋清楚了。

Okay, next.

好的，下一個。

News on the fertilizer plant. Does the sale of Profertile to Adeco Agro affect your decision?

化肥廠最新消息。Profertile被Adeco Agro收購是否會影響您的決定？

No, that's not true.

不，那不是真的。

.

。

Okay.

好的。

The one of the agreement mentioned by Cesar, the Germans, the price maturity.

塞薩爾提到的協議之一是德國人達成的價格成熟協議。

Okay. It's an 8-year contract until 2036 and the pricing has to do with a formula.

好的。這是一份為期 8 年的合同，有效期至 2036 年，定價與一個公式有關。

That, takes into account TTF and Brent.

這其中已經考慮了TTF和布蘭特原油。

In Henry Hellen Brent, I'm sorry, Henry Hellenbrient.

在亨利·海倫·布倫特，對不起，是亨利·海倫布里恩特。

Not that.

不是那樣。

Fifty-fifty.

五五開。

5,050.

5,050。

With certain percentages of discount.

享有一定比例的折扣。

I think we did it all, and it's 726. I can't believe it. So, let me check.

我想我們已經全部完成了，結果是 726。我簡直不敢相信。讓我查一下。

She's polling for my questions.

她正在徵求我的意見。

But we are doing this because we have agenda constraints. All the people that asked why the stock was halted in IC because Argentina closed and we were not allowed to file after 6 p.m. Argentina, and that's 4 p.m. New York, and we are not allowed, so it's trading hours in New York. That's why we were folded.

但我們這樣做是因為我們受到議程限制。所有詢問為什麼股票在IC停牌的人，是因為阿根廷股市休市，我們不能在阿根廷時間下午6點之後提交交易，而阿根廷時間是下午4點，紐約時間是下午4點，我們不能提交交易，所以現在是紐約的交易時間。這就是我們倒閉的原因。

No speculations here because people ask me a lot of things.

這裡不做任何猜測，因為人們會問我很多問題。

No questions. No more questions. So, who's Gracio, Fito, would you like to add something else that we didn't talk about?

沒有問題。沒有其他問題了。那麼，格拉西奧是誰？菲托，還有什麼想補充的嗎？

No, we covered it all.

不，我們都涵蓋到了。

Thank you all for joining. I hope it was useful.

感謝各位的參與。希望對您有幫助。

All right, thank you very much. See you next May.

好的，非常感謝。明年五月見。

Bye.

再見。