Argentina's Pampa Energía gets richer on higher gas prices
Argentina-based integrated electricity and fuel products company Pampa Energia said in its annual result update March 10 it had marked a 42% annual sales increase to $406mn, as gas prices rose by 47% to $3.1/mn Btu. The company's upstream unit holds 70mn barrels of oil equivalent in proved P1 developed reserves, including natural gas reserves of just under 372bn ft3.
Pampa's daily output in the fourth quarter of 2021 increased year-on-year to 58,100 barrels of oil equivalent/day from 43,700 boe/d , with 91% of that total coming from gas.
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The surge in upstream earnings offset the weaker performance at Pampa's downstream portfolio, which includes shareholdings at nine thermal power stations with total 2,751 MW installed capacity. Pampa reported an earnings increase of $27mn from oil and gas, while power generation fell by $16mn and petrochemicals by $1mn, before interest, taxes, depreciation and amortisation (EBITDA).
The company's consolidated net debt fell to $866mn from $1.2bn at the end of 2020, while cash and cash equivalents sank to $110mn from $141mn year-on-year.