On Wednesday, at the close of the market, Pampa Energía presented the results for the second quarter. Net income was US$166 million, which represents an increase of 156% year-on-year, in addition, the production of natural gas and oil reported a jump of 4% year-on-year measured, and obtained a new record for a total of 13.5 million cubic meters per day.
At the same time, sales reached US$464 million, and that this is explained by better natural gas prices and volumes that were offset by the drop in petrochemical prices and lower revenues from base energy. However, EBITDA was US$222 million, representing a year-on-year decrease of 13%. This is mainly explained by the falls in the holding and petrochemical segments.
“In line with our production commitment under the Gas.Ar Plan, on June 30 we reached a record production of 13.5 million cubic meters per day, which represented an increase of 18% against the maximum record of 2022,” indicated the firm on its balance sheet.
Furthermore, they emphasized that “unlike previous years, this outstanding growth is mainly supported by the production of shale gas from Vaca Muerta”, which, in the case of Pampa Energía, began “in the 2022-2023 campaign”.
60% of the 13.5 million m3/day came from El Mangrullo, while 25% from Sierra Chata, two of the main gas blocks in the Neuquén Basin, the company specified. In the report, Pampa Energía also indicated that it received authorizations from the Ministry of Energy to export gas in a firm condition to Chile. by 0.9 million cubic meters / day in the current winter period from July to September.
This exported volume will increase to 1.5 million cubic meters/day from next October to April next year.
Besides, the company is currently the third largest gas producer in the Neuquén Basin with a stake in 8% of the Vaca Muerta areaand this year it will complete investments -started in 2020- for more than US$ 1,100 million to expand its production.
In the second quarter, the company also began its shale oil development by agreeing with TotalEnergies to purchase the remaining 45% of the Rincón de Aranda area: a 240 square kilometer exploratory block located in Vaca Muerta that currently has a closed production block. and an uncompleted well.
“With the full incorporation of Rincón de Aranda, Pampa diversifies its presence in the energy sector and reinforces its commitment to the development of reserves in Vaca Muerta, in a shale oil block that shows great productive potential,” the firm said. .
Pampa Energía IV Wind Farm
On the other hand, hehe company reported that in mid-June it completed the qualification of the Pampa Energía IV Wind Farm (PEPE IV) in the Buenos Aires town of Coronel Rosaleswith the addition of another eight wind turbines, which will contribute 81 megawatts to the national system.
In the same way, the company began the construction of PEPE V, located next to it, whose first stage will be 94.5 megawatts and which, after the second stage, will increase its generation to 140 megawatts in the second half of 2024.
Source: Ambito
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