Pampa Energia SA (NYSE:PAM) Q1 2022 Earnings Conference Call May 13, 2022 10:00 AM ET
Company Participants
Margarita Chun - Investor Relations
Lida Wang - Investor Relations and Sustainability Officer
Gustavo Mariani - Chief Executive Officer
Nicolas Mindlin - Chief Financial Officer
Margarita Chun
Good morning, everyone, and thank you for waiting. I'm Margarita Chun from IR, and we would like to welcome everyone to Pampa Energia's First Quarter 2022 Results Video Conference. We inform you that this event is being recorded. [Operator Instructions] Before proceeding, please read the disclaimer that is located in the second page of our presentation. Let me mention that forward-looking statements are based on Pampa Energia management's beliefs and assumptions and on 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 conditions 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
Good morning, everyone. Thank you for joining our conference call. We are pleased to share our first quarter 2022 results. Our CEO, Mr. Gustavo Mariani; and our CFO, Mr. Nicolas Mindlin, are both here and joining us for Q&A. Let's start with the quarter's figures. Revenues increased by 32% year-on-year to $555 million, driven by gas exports, commodity prices updated legacy prices and Energia Plus. All of them were partially offset by expired PPAs at Loma and Piquirenda and lower than inflation tariff increases in utility business. Roughly 81% of our sales were dollar linked.
The adjusted EBITDA amounted to $226 million, 11% up year-on-year and 13% up quarter-on-quarter, explained by the same reasons detailed before, offset by higher expenses, intense E&P activity and lower petchem margins. Quarter-on-quarter, seasonality posted the EBITDA. As you can see, on the right below, the share between electricity and oil and gas is balancing, driven by our gas business. CapEx in Q1 almost double last year's figure, mainly due to the growing Plan Gas commitment and power expansions at Barragan and Pepe III. However, it was 30% down quarter-on-quarter because of higher diversements at PEPE III and Barragan expansions.Moving on to the power generation.