Pampa Energía S.A. (NYSE:PAM) Q2 2023 Earnings Conference Call August 10, 2023 10:00 AM ET

Company Participants

Margarita Chun - Investor Relations

Lida Wang - Investor Relations and Sustainability Officer

Gustavo Mariani - Executive Vice President and Chief Executive Officer

Horacio Turri - Executive Director of Exploration and Production

Nicolas Mindlin - Chief Financial Officer

Conference Call Participants

Milene Carvalho - JPMorgan

Alejandra Andrade - JPMorgan

Gustavo Faria - Bank of America

Anne Milne - Bank of America

Bruno Montanari - Morgan Stanley

Lucas Caldi - Portfolio Personal

Alejandro Demichelis - Jefferies

Alejandra Aranda - Itau

Jaimin Patel - Bloomberg

Margarita Chun

Good morning, ladies and gentlemen, thank you for waiting. I'm Margarita Chun from IR and we would like to welcome everyone to Pampa Energia's Second Quarter 2023 Results Video Conference. We inform you that this event is being recorded. All participants will be in listen-only mode during the presentation. After the company's remarks there will be a Q&A session. Questions can only be submitted in writing through Zoom. Should any participant need assistance please send us a chat message.

Before proceeding, please read the disclaimer on the second page of our presentation. Let me mention that forward-looking statements are based on Pampa Energia's management beliefs and assumptions and information currently available to the Company. They involve risks, uncertainties, and assumptions because they are related to future events that may or may not occur.

Investors should understand that general economic and industry conditions and other operating factors could also affect the future results of Pampa Energia and could cause results to differ materially from those expressed in such forward-looking statements.

Now, I'll turn the video conference over to Lida Wang, Investor Relations and Sustainability Officer of Pampa Energia. Please go ahead.

Lida Wang

Hi. Good morning, everybody. Thank you, Margi. Hello, everyone, and thank you for joining our conference call. I will try to make it short and skip some parts already explained in the earnings release, so we can have plenty of time for Q&A with our CEO, Gustavo Mariani, who is here; Nicolas, who's joining us very soon; Horacio Turri, our Head of E&P is here to answer many questions that you might have in E&P and [indiscernible] our Corporate Finance Director.

So let's start with the quarter's figures and go straight to the adjusted EBITDA, which amounted to $222 million in Q2, 13% less year-on-year marked by soft domestic demand due to the mild winter, lower commodity prices and Peso depreciation affecting spot unregulated businesses, partially offset by the renewable and Barragan's PPA plus higher gas export sales. However, the 8% rise quarter-on-quarter is explained by the winter season and PPAs.