Pampa Energia SA (NYSE:PAM) Q3 2023 Earnings Conference Call November 9, 2023 10:00 AM ET
Company Participants
Lida Wang - Head, IR & Sustainability
Horacio Turri - Executive Director, Exploration & Production
Nicolás Mindlin - Executive Director, Finances, M&A and CFO
Conference Call Participants
Operator
We would like to welcome everyone to Pampa Energía's Third quarter 2023 Results Video Conference. We inform you that this event is being recorded. [Operator Instructions]. Before proceeding, please read the disclaimer on the second page of our presentation. Let me mention that forward-looking statements are based on Pampa Energía's management beliefs and assumptions and information currently available for 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 they are related to future events that make economic and industry conditions and other operating factors could also affect the future results of Pampa Energía 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 Energía. Please go ahead.
Lida Wang
Thank you, Raquel. Hello, everyone, and thank you for joining our conference call. I will make a quick summary of Q3. You may find more details in our earnings release. Today, we are having a Q&A with our CFO, Nicolás Mindlin; and Horacio Turri, our Head of BNP; and our Head of Corporate Finance.
Let's start with the quarter's figures highlighted by the ramp-up in gas production and set a new all-time high milestone, growing shell contribution, the incremental share of efficient and green PPAs, and we'll keep enhancing our balance sheet by increasing our liquidity. The adjusted EBITDA amounted to $244 million in Q3, similar year-on-year.
Thanks to the additional output coming for the Plan Gas and contribution from new PPAs, such as wind farms and Barragan CCGT, partially offset by a drop in commodity prices, affecting crude oil Brent and PEPE and peso depreciation impacting spot energy.
However, the EBITDA grew 10% quarter-on-quarter, mainly explained by the higher gas production. It is worth noting that more than 85% of the quarter's EBITDA was dollar linked. And the share now is led by E&P, mainly due to natural gas. CapEx in Q3 was 40% higher year-on-year, mainly because of the ramp-up activity in E&P, which is concentrated in shale gas drilling and completion of wells, plus the construction of PEPE VI wind farm, offset by the commissioning of PEPE IV last quarter.