PAMPampa Energia S.A.
Industry LatAm concessions Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$79.50 → $97.37
Promises vs. what happened
15 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Frac fleet by Feb '25 | Q3 '24 | in place | Held |
| 8 kbpd by May '25 | Q4 '24 | 16 kbpd by Aug | Held |
| 20 kbpd by Dec '25 | Q1 '25 | reached | Held |
| Field capex >$700M, '25 | Q3 '24 | $776M | Held |
| Wind farm, Q4 '24 | Q3 '24 | online Nov '24 | Held |
| Low leverage funds the build | Q1 '25 | 1.4x, from 0.6x | Held |
| Power rules lift margins | Q1 '26 | power EBITDA +39% | Held |
| 45 kbpd plateau, H1 '27 | Q2 '25 | May or Q4 '27 | Open |
| Field capex $750M, '26 | Q3 '25 | $771M budget | Open |
| Lifting cost ~$5/bbl | Q3 '25 | chart dropped | Open |
| Urea plant, COD end-'29 | Q2 '26 | open | Open |
| LNG vessel, end-'27 | Q2 '26 | open | Open |
| 28 kbpd by mid-'26 | Q3 '25 | 22.2 kbpd in Q2 | Missed |
| 40 kbpd by Dec '26 | Q4 '24 | moved to 1H '27 | Missed |
| Field capex $1.5B, '25–27 | Q3 '24 | passed in two years | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
Oil rampOff page one Q2 '26
Balance sheetOff page one Q1 '26
Gas recordsPage one since Q1 '26
Gas to powerPage one since Q2 '26
Power rulesPage one since Q4 '25
Wind farmOff page one Q3 '25
BondsPage one since Q1 '26
RIGI and ureaFirst seen Q3 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Rincón de Aranda oil ramp
“Rincón de Aranda: a game changer for Pampa”
Deck Pampa Energía Q3 2024 Results Videoconference Presentation · p. 10 ·
Rincón de Aranda oil ramp
“ Ramping-up Rincón de Aranda”
Deck Pampa Energía Q4 2024 Results Videoconference Presentation · p. 4 ·
Rincón de Aranda oil ramp
“Rincón de Aranda: connecting the first pads”
Deck Pampa Energía Q1 2025 Results Videoconference Presentation · p. 6 ·
Rincón de Aranda oil ramp
“Production ramp-up at Rincón de Aranda”
Deck Pampa Energía Q2 2025 Results Videoconference Presentation · p. 3 ·
Rincón de Aranda oil ramp
“Production ramp-up at Rincón de Aranda”
Deck Pampa Energía Q3 2025 Results Videoconference Presentation · p. 3 ·
Rincón de Aranda oil ramp
“Production ramp-up at Rincón de Aranda”
Deck Pampa Energía Q4 2025 Results Videoconference Presentation · p. 5 ·
Rincón de Aranda oil ramp
“Rincón de Aranda surpassed the 20 kbpd milestone, today @ 25.3 kbpd”
Deck Pampa Energía Q1 2026 Results Videoconference Presentation · p. 3 ·
Rincón de Aranda oil ramp
“ON TRACK AND RIGI APPLICATION APPROVED”
Deck Pampa Energía Q2 2026 Results Videoconference Presentation · p. 8 ·
Low net debt, then a balance sheet to fund growth
“✓ Lowest net debt in 8 years 0.8x net debt-to-EBITDA 539m @ Sept 30, 2024 12% YTD”
Deck Pampa Energía Q3 2024 Results Videoconference Presentation · p. 3 ·
Low net debt, then a balance sheet to fund growth
“ The lowest net debt since 2016 0.6x net debt-to-EBITDA 410m @ EoY 2024 33% YTD”
Deck Pampa Energía Q4 2024 Results Videoconference Presentation · p. 4 ·
Low net debt, then a balance sheet to fund growth
“Low net leverage, highly supportive of our projects”
Deck Pampa Energía Q1 2025 Results Videoconference Presentation · p. 9 ·
Low net debt, then a balance sheet to fund growth
“Successful LM on debt maturities and financial cost, increased net leverage to support our new projects 10”
Deck Pampa Energía Q2 2025 Results Videoconference Presentation · p. 10 ·
Low net debt, then a balance sheet to fund growth
“Solid balance sheet to support our growth 9”
Deck Pampa Energía Q3 2025 Results Videoconference Presentation · p. 9 ·
Low net debt, then a balance sheet to fund growth
“Vertical integration between power & E&P 2025 net debt-EBITDA of 1.1x”
Deck Pampa Energía Q4 2025 Results Videoconference Presentation · p. 5 ·
Low net debt, then a balance sheet to fund growth
“SOLID BALANCE SHEET TO SUPPORT MORE GROWTH 9”
Deck Pampa Energía Q1 2026 Results Videoconference Presentation · p. 9 ·
Low net debt, then a balance sheet to fund growth
“SOLID BALANCE SHEET TO SUPPORT MORE GROWTH 12”
Deck Pampa Energía Q2 2026 Results Videoconference Presentation · p. 12 ·
Gas production records
“✓ Strong growth of our gas production 13.9 mcmpd 8% yoy 56% shale vs. 43% in Q3 23”
Deck Pampa Energía Q3 2024 Results Videoconference Presentation · p. 3 ·
Gas production records
“ Solid power & gas operating KPIs 9.8 mcmpd of gas 11% yoy 94% power availability rate 79 bps yoy”
Deck Pampa Energía Q4 2024 Results Videoconference Presentation · p. 4 ·
Gas production records
“New All-Time high for gas output”
Deck Pampa Energía Q2 2025 Results Videoconference Presentation · p. 6 ·
Gas production records
“New ATH gas production record of almost 18 mcmpd”
Deck Pampa Energía Q3 2025 Results Videoconference Presentation · p. 3 ·
Gas production records
“O&G ATH quarterly production @ 100.6 kbpd, +38% yoy, +24% qoq”
Deck Pampa Energía Q1 2026 Results Videoconference Presentation · p. 3 ·
Gas production records
“O&G ATH quarterly production @ 107.5 kbpd, driven by gas vertical integration with power”
Deck Pampa Energía Q2 2026 Results Videoconference Presentation · p. 6 ·
Vertical integration of gas and power
“gas self-procurement at CTLL”
Deck Pampa Energía Q3 2025 Results Videoconference Presentation · p. 3 ·
Vertical integration of gas and power
“GAS: THE VERTICAL INTEGRATION IS HAPPENING 8”
Deck Pampa Energía Q4 2025 Results Videoconference Presentation · p. 8 ·
Vertical integration of gas and power
“MONETAZING THE VERTICAL INTEGRATION 6”
Deck Pampa Energía Q1 2026 Results Videoconference Presentation · p. 6 ·
Vertical integration of gas and power
“O&G ATH quarterly production @ 107.5 kbpd, driven by gas vertical integration with power”
Deck Pampa Energía Q2 2026 Results Videoconference Presentation · p. 6 ·
Power market normalisation and spot prices
“Outstanding operating KPIs & raise in spot prices boosted Q3”
Deck Pampa Energía Q3 2024 Results Videoconference Presentation · p. 4 ·
Power market normalisation and spot prices
“New wind farm PEPE 6 and resilient spot prices”
Deck Pampa Energía Q2 2025 Results Videoconference Presentation · p. 3 ·
Power market normalisation and spot prices
“New normalization guidelines for power market”
Deck Pampa Energía Q4 2025 Results Videoconference Presentation · p. 5 ·
Power market normalisation and spot prices
“New power framework allowing higher gas output and better spot margins”
Deck Pampa Energía Q1 2026 Results Videoconference Presentation · p. 3 ·
Power market normalisation and spot prices
“Power growth reflected by winter spot prices and B2B PPA sales”
Deck Pampa Energía Q2 2026 Results Videoconference Presentation · p. 6 ·
PEPE 6 wind farm
“PEPE 6 is fully commissioning soon 4.5 MW each”
Deck Pampa Energía Q3 2024 Results Videoconference Presentation · p. 5 ·
PEPE 6 wind farm
“PEPE 6 is fully commissioned”
Deck Pampa Energía Q4 2024 Results Videoconference Presentation · p. 10 ·
PEPE 6 wind farm
“Main highlights 96% thermal availability, new contribution of PEPE 6”
Deck Pampa Energía Q1 2025 Results Videoconference Presentation · p. 3 ·
PEPE 6 wind farm
“New wind farm PEPE 6 and resilient spot prices”
Deck Pampa Energía Q2 2025 Results Videoconference Presentation · p. 3 ·
Debt-market access
“Successful LM, extending 2029s bonds”
Deck Pampa Energía Q2 2025 Results Videoconference Presentation · p. 3 ·
Debt-market access
“Issued 200m for 3 years at 5.49%”
Deck Pampa Energía Q1 2026 Results Videoconference Presentation · p. 3 ·
Debt-market access
“Retap 2037 at lowest spread for Argie corporates”
Deck Pampa Energía Q2 2026 Results Videoconference Presentation · p. 6 ·
RIGI projects and urea
“Building infra, applied for RIGI”
Deck Pampa Energía Q3 2025 Results Videoconference Presentation · p. 5 ·
RIGI projects and urea
“Applied for Upstream RIGI on March 9, 2026”
Deck Pampa Energía Q1 2026 Results Videoconference Presentation · p. 5 ·
RIGI projects and urea
“PAMPA IS PARTICIPATING IN 7 RIGI PROJECTS 5”
Deck Pampa Energía Q2 2026 Results Videoconference Presentation · p. 5 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Oil ramp
- On the headline page in Q4 '24 and from Q2 '25 to Q1 '26. Q2 '26 leads with total output and gives the field its own slide, where the dated mid-'26 step is gone.
- Balance sheet
- The lowest net debt in eight years in Q3 and Q4 '24; from Q4 '25 a solid balance sheet to support growth, as leverage went from 0.6x to 1.4x.
- Gas records
- Records stated in gas volumes until Q1 '26, then for oil and gas together in barrels of oil equivalent.
- Gas to power
- New in Q3 '25: the power plants burn Pampa's own gas for the first time in six years.
- Power rules
- Leads from Q4 '25: the new spot framework lifted power EBITDA 39% in Q2 '26.
- Wind farm
- On the highlights page until Q2 '25, after it came online in November '24.
- Bonds
- The 2037 notes and record-low spreads in Q2 '25, Q1 '26 and Q2 '26.
- RIGI and urea
- Q2 '26 opens with two urea slides and a seven-project RIGI table before the quarter's numbers.
- New
- Q2 '26: the RIGI table, well productivity against nearby blocks, monthly field output.
- Quiet
- The lifting-cost chart ($5 a barrel at plateau) after Q1 '26; P1 reserves outside year-end decks; the petrochemicals slide after Q3 '24; Moody's after Q2 '25.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 6-K 4 Aug 2026
- Q1 2026 release · 6-K 6 May 2026
- Q4 2025 release · 6-K 2 Mar 2026
- Q3 2025 release · 6-K 4 Nov 2025
- Q2 2025 release · 6-K 6 Aug 2025
- Q1 2025 release · 6-K 13 May 2025
- Q4 2024 release · 6-K 5 Mar 2025
- Q3 2024 release · 6-K 6 Nov 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 18% | 17% | 9% | 5% | 9% | 6% | 9% | 10% |
| Growth & sales | · | 8% | 2% | 9% | 5% | 4% | 9% | 10% |
| Pricing & margins | 24% | 42% | 28% | 39% | 32% | 20% | 28% | 40% |
| Guidance & outlook | 6% | 17% | 12% | 16% | 9% | 18% | 9% | 10% |
| Capacity & supply | 41% | 38% | 23% | 18% | 27% | 29% | 31% | · |
| Capital & financing | 12% | 17% | 21% | 11% | 32% | 16% | 41% | 10% |
| Competition | 6% | · | · | 2% | · | · | 3% | · |
| Products & technology | 12% | 4% | 21% | 16% | 18% | 6% | 16% | 10% |
| Macro & regulation | 18% | 17% | 9% | 11% | 18% | 6% | 3% | · |
| Other | 24% | 17% | 33% | 36% | 18% | 35% | 28% | 30% |
| Questions | 17 | 24 | 43 | 44 | 22 | 49 | 32 | 10 |
| How much the CEO talked | 54% | 53% | 47% | 28% | 0% | 58% | 53% | 0% |
How these calls run. On every call, investors send questions in advance and investor relations reads them out, sometimes rephrased, and picks who answers. No analyst is heard live and nobody gets a follow-up, so this table shows the questions the company chose to read.
Who’s in charge, who’s selling
read from the filings · 2 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
A board-linked builder takes a growing share of the capex
SACDE, a related party, did $65M, $103M and $223M of works for Pampa in 2023–25, about 16% of 2025's capex, with $57M of the 2025 amount fees calculated on its own costs. The CEO, the chairman's brother, an executive VP and an alternate director sit on its board.
Tier 2 · stable
A founder-management group of 22% fills half the board
The chairman, his brother and his son, the CEO and an executive VP are five of the ten directors, on staggered three-year terms. The state pension fund, the largest holder at 22.8%, has an alternate director the 20-F counts as independent.
Tier 2 · stable
Pay on EBITDA and the share price, not on cash
Executives share 1.8% of adjusted EBITDA and 3.6% of the yearly rise in market value; board fees were Ps 23.9B for 2025, about $16M. No per-person figures: a foreign private issuer files no proxy.
Tier 3 · mixed
The chairman sold more than he bought; the CEO bought
Since insider reporting began in March '26: the chairman sold $38.2M and bought $14.5M, his brother sold $9.5M, the CEO bought $6.0M of ADSs. None of it under a pre-set plan.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Board feesBoard pay. How much the directors themselves are paid for sitting on the board. | 0.8% | 0.7% | 0.7% |
| Directors electedA board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 0.3% | 0.3% | 0.3% |
| Supervisory alternate (2025)A board seat. | 33.9% | — | — |
| Auditor (PwC)The auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 0.3% | 0.1% | 0.1% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Mar–Sep 2026 | Sold | Note |
|---|---|---|
| Marcelo Mindlin, chairman | $38.2M | 11.0M shares; bought 4.3M back for $14.5M |
| Damián Mindlin, director, his brother | $9.5M | 2.66M shares, Mar–Jun |