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10.05.2023 17:09
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PR Newswire
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Pampa Energía announces first quarter 2023 results
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PR Newswire
BUENOS AIRES, Argentina, May 10, 2023
BUENOS AIRES, Argentina, May 10, 2023 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), an independent company with active participation in Argentina's electricity and gas value chain, announces the results for the quarter ended on March 31, 2023.
Pampa's financial information adopts US$ as functional currency, expressed in AR$ at transactional nominal exchange rate ('FX'). However, our affiliates, Transener and TGS, report in local currency. Hence, their figures are adjusted by inflation as of March 31, 2023, except for previous periods already reported.
Main results from the quarter[1]
5% year-on-year increase in sales, recording US$431 million[2] in the first quarter 2023 ('Q1 23'), explained by better natural gas and spot energy prices, higher electricity, reforming and styrene volume sold, and the incorporation of Arauco Wind Farm ('PEA') and Engineer Mario Cebreiro Wind Farm ('PEMC'), partially offset by lower gas production due to soft residential demand and bottlenecks in the main gas pipelines.
Operating performance led by thermal power dispatch and reforming:
| Pampa's main operational KPIs | Q1 23 | Q1 22 | Variation | |
| Power | Generation (GWh) | 5,760 | 4,892 | +18 % |
| | Gross margin (US$/MWh) | 20.8 | 28.9 | -28 % |
| | | | | |
| Oil and gas | Production (k boe/day) | 57.6 | 57.5 | +0 % |
| | Gas over total production | 91 % | 91 % | -0 % |
| | Average gas price (US$/MBTU) | 4.0 | 3.5 | +11 % |
| | Average oil price (US$/bbl) | 67.7 | 69.0 | -2 % |
| | | | | |
| Petrochemicals | Volume sold (k ton) | 103 | 91 | +13 % |
| | Average price (US$/ton) | 1,219 | 1,385 | -12 % |
8% year-on-year decrease, in the adjusted EBITDA[3], recording US$206 million in Q1 23, explained by reductions of 29% in holding and others and 11% in power generation, partially offset by increases of 16% in petrochemicals and 10% in oil and gas.
Profit attributable to the Company's shareholders of US$141 million (+42% vs. the first quarter 2022 ('Q1 22') figure), mainly due to gains from holding financial securities and nominal depreciation over the passive net monetary position in AR$, partially offset by increased financial interests from the higher stock of AR$-debt.
Net debt continued decreasing, reaching US$903 million, with a net leverage ratio of 1.2x.
Consolidated balance sheet
(As of March 31, 2023 and December 31, 2022, in millions)
| Figures in million | | As of 03.31.2023 | | As of 12.31.2022 | ||
| | AR$ | US$ FX 209,01 | | AR$ | US$ FX 177,16 | |
| ASSETS | | | | | | |
| Property, plant and equipment | | 478,125 | 2,288 | | 383,464 | 2,165 |
| Intangible assets | | 27,048 | 129 | | 24,364 | 138 |
| Right-of-use assets | | 1,652 | 8 | | 1,521 | 9 |
| Deferred tax asset | | 9,185 | 44 | | 6,326 | 36 |
| Investments in joint ventures and associates | | 195,096 | 933 | | 159,833 | 902 |
| Financial assets at amortized cost | | 21,038 | 101 | | 18,000 | 102 |
| Financial assets at fair value through profit and loss | | 5,742 | 27 | | 4,867 | 27 |
| Other assets | | 103 | 0 | | 91 | 1 |
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