Pampa Energia Sa · BCBA:PAMP

Pampa Energia Sa — Q4 2022 Earnings Presentation

21 slides from Pampa Energia Sa's earnings presentation, March 2023

  1. Slide 1: Q4 2022 results videoconference

    Q4 2022 results videoconference

  2. Slide 2: Disclaimer

    Disclaimer The material that follows is a presentation of general background information about Pampa Energia S.A.(“"Pampa” or the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to po

  3. Slide 3: A quick review of the last 5 years

    A quick review of the last 5 years What we’ve been up to since we acquired former Petrobras Argentina Gas peak production, in mcmpd Power generation Consolidated capex, in US$ million    750 15.7 5,411 5,088 558   11.2 Capacity 7.1 3,756 Consolidated EBITDA, in US$ million Net debt & ND/EBITDA,

  4. Slide 4: Q4 2022's key takeaways - consolidated figures

    Q4 2022’s key takeaways - consolidated figures, in US$ million One again, gas makes E&P to stand out Revenues1 Consolidated adjusted EBITDA1 -1% yoy -7% yoy 621 -15% qoq 246 -26% qoq 531 526   198 183    ✓  ✓ ✓ ✓ 37% 40% 35% ✓ ✓ Q4 22 Q4 22 Capex1 Consolidated adjusted EBITDA breakdown1,2 168

  5. Slide 5: Power generation: PPAs make this segment a resilient business

    Power generation PPAs make this segment a resilient business Adjusted EBITDA1, in US$ million Generation performance, in GWh +11% yoy 105 4,670 5,175 +37% qoq -19% yoy 89 86 -4% qoq 3,767 ✓ ✓  ✓ 58% 51% 51%    ✓  ✓ Q4 22 Q4 22 Availability performance, in % to installed capacity ✓ +93 bps yoy 9

  6. Slide 6: Ensenada Barragán Thermal Power Plant

    Ensenada Barragán Thermal Power Plant Key power infrastructure finally online after more than 12 years 260 MW expansion to CCGT February 22, 2023 10-year PPA US$250 million 32% to 57% Aerial view of CTEB Pampa Energía ⚫ 6

  7. Slide 7: Growing our green energy contribution

    Growing our green energy contribution Through brownfield projects and M&A PEPE IV 81 MW expansion – 36 MW online Q2 2023 US$128 million Acquisition of Arauco wind farm 86% 100 MW PEPE VI RenovAr PPA 300 MW total expansion 41% 94.5 MW by 2H2024 US$170 million, debt-free US$186 million Aerial view of

  8. Slide 8: Oil and gas: Attractive export prices and Plan Gas made the day

    Oil and gas Attractive export prices and Plan Gas made the day Adjusted EBITDA, in US$ million Lifting cost, in US$ million 117 +57% yoy -39% qoq 42 +3% yoy 72 ✓ 38 40 -5% qoq 46 ✓  ✓  ✓ 37% 54% 45%  7.2 6.6 7.0 Q4 22 Q4 22 Production performance, in kboe/d Crude oil sales, in kbbl/d 70.2 66.9 68

  9. Slide 9: Oil and gas: Preparing to ramp-up the gas production

    Oil and gas Preparing to ramp-up the gas production Pampa's monthly gas production since 2017 In mcmpd 2020-2023: +2x peak production ~US$490 million with US$1.1 billion capex estimated capex in 2023 In mcmpd and US$ million 15.7 ✓ ~US$70 million in facilities 11.2 ✓ 15 shale wells + 3 DUC + 9.3 7.3

  10. Slide 10: Oil and gas: Attractive export prices and production outperformance

    Oil and gas Attractive export prices and production outperformance Gas sales, in mcmpd Destination of our sales in Q4 +5% yoy 10.8 -13% qoq 9.0 9.4 ✓ ✓ Pampa ✓  Q4 22 Weighted avg gas price for Pampa, in US$/MBTU 4.8 4.4 3.9 3.5 4.4 2022 = 4.2 3.9 2021 = 3.6 3.1 2020 = 2.2 Q4 Pampa Energía ⚫ 10

  11. Slide 11: 2022 Reserves

    2022 Reserves Growth driven by Plan Gas and outstanding productivity 6% ND 39% % Dev'd 61% 94% El Mangrullo Block Pampa Energía ⚫ 11

  12. Slide 12: Petrochemicals: Reforming products leading the quarter

    Petrochemicals Reforming products leading the quarter Adj. EBITDA, in US$ million Sales performance, in thousand ton 1,284 19 +5% yoy 15 +68% yoy -21% qoq 114 120 120 similar qoq ✓ ✓ 9 ✓  ✓ 6% 11% 10%   Q4 22 Q4 22 Performance since 2017 Q4 22 sales volume breakdown by market Price in US$ Volume

  13. Slide 13: Q4 22 financial position

    Q4 22 financial position Solid operating performance supported the acquistion of PEA Key cash flow figures for the Restricted Group, US$ million Q4 22 FCF = +US$101 million +US$127m yoy +US$55m yoy +US$91m qoq +US$15m qoq Pampa Energía ⚫ 13

  14. Slide 14: Strong financial position

    Strong financial position Remarkable operating performance keeps improving leverage ratios Key leverage figures, as of December 31, 20221, US$ million Consolidated with Restricted Group Affiliates at ownership3 affiliates at ownership Debt2 1,613 308 1,921 After Q4 2022: Cash 700 98 798 • • Net debt

  15. Slide 15: pampaenergia.com

    pampaenergia.com - (in) (f) © “ energia

  16. Slide 16: Dry shale gas window

    Dry shale gas window Pampa Energía ⚫ 16

  17. Slide 17: Q4 2022's key takeaways

    Q4 2022’s key takeaways Consolidated figures, in US$ million Q4 22 Net income to shareholders Q4 21 Q4 22 Pampa Energía ⚫ 17

  18. Slide 18: Holding & others

    Holding & others Adj. EBITDA2, in US$ million 38 21 -74% yoy 10 -52% qoq Q4 22 Affiliates’ EBITDA Performance @ 100% Ownership, in US$ million 12 133 8  88  75  ✓  ✓ (6) ✓ Q4 22 Q4 22 Pampa Energía ⚫ 18

  19. Slide 19: Collection days from CAMMESA

    Collection days from CAMMESA Evolution of delays 75 58 58 55 55 37 35 31 27 30 24 15 13 0 0 -5 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Pampa Energía ⚫ 19

  20. Slide 20: Federal subsidies, in US$ billion

    Federal subsidies, in US$ billion Accumulated @ 2005-15: 163.4b 28.9 26.8 26.1 Accumulated @ 2016-19: 55.4b 21.9 22.0 19.8 16.3 16.3 15.0 14.5 12.3 11.1 9.8 9.4 8.7 7.3 5.0 2.5 1.6 Argentina’s nominal GDP 199 233 288 362 333 424 531 583 613 568 642 557 643 525 452 389 491 635 686 Pampa Energía ⚫ 20

  21. Slide 21: Cost of imports, in US$ million

    Cost of imports, in US$ million 2008-2015 US$36.5b 8,153 7,458 7,105 7,084 5,865 4,477 2016-2021 US$14.9b 3,315 3,132 2,837 2,524 2,338 1,774 1,293 530 623 70 Pampa Energía ⚫ 21

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