Investor Presentation
December 2018
Disclaimer in the back Who We Are
Pampa Energía 2 The History of Pampa Energía
Market Capitalization of Pampa, US$ billion Today Dec 20182 January 2018 2016 A key energy All time high 2009 market quote player in Argentina 2006 Acquisition of Petrobras 2007 Argentina 6.0 Petrolera Pampa: in a landmark The first 2005 US$1.4 billion endeavor in transaction1 The largest gas upstream fully integrated electricity company in Argentina Creation of 2.8 Pampa Energía 1.8
1.0 0.8 0.0
Note: (1) Considers the equity acquisition from Petrobras Brazil (US$900 million), the mandatory tender offers for US$500 million ended on November 2016 and Pampa Energía 3 merger approved on February 2017. (2) Market info as of December 3, 2018, net of repurchases. We are the Largest Independent Integrated Energy Company in Argentina
The Largest Fully Integrated Electricity Company in Argentina
Power Generation Thermal 2,833 MW + 398 MW expansions Leading IPP with 3,871 MW Hydro 938 MW 11% market share Wind Farms 100 MW(1) + 160 MW in construction
Power Transmission High Voltage 20,722 km of lines Co-control of , Lines & Stations 154 transformer stations 85% of market share
Electricity Distribution 3 million end users Control of , Concession Area 22 TWh of sales 20% market share
Integration in the Gas Value Chain
Exploration &Production Blocks 11 Productive + 9 Exploratory Leading gas producer Production 45k boe per day (88% gas) 6% market share
Midstream Pipelines 9,184 km for natural gas Co-control of , NGL 1 million ton per year #1 transporter, #2 NGL producer Petrochemicals Styrene (160k ton/year) Sole producers of styrenics Plants S. Rubber (55k ton/year) 90-100% market share Polystyrene (65k ton/year)
Other Affiliates 25.8 kbpd of ref. cap. & 83 gas stations
Note: (1) Operated by Pampa, 50% equity ownership. Pampa Energía 4 Pampa Energía’s Figures at a Glance
LTM @ Q3 2018 NYSE:PAM Senior Float In US$ million BCBA:PAMP Management(1)
80.4% 19.6%
Sales(2) Adj. EBITDA(3) Net Debt(4) Market Cap(5) 3,946 1,177 1,439 2,816
Operating businesses at and fully consolidated subsidiaries O/S(6) Power Generation 684 400 564 na 97.8% E&P(7) 675 305 969 na 100% R&M(8) + Petchem 397 (24) (0) na 100% Holding 38 4 (201) na 100%
Listed subsidiaries fully consolidated in Pampa Electricity Distribution 1,776 305 36 1,178 51.8%
Listed affiliates(9) Power Transmission 329 208 (42) 554 26.3% Gas Midstream 1,008 516 109 2,491 25.5%
Note: Reporting info as of September 30, 2018. FX: LTM AoP AR$23.36/US$, EoP AR$41.25/US$. Refinor, OldelVal and Eliminations are not shown. (1) Holdings of Messrs. M. Mindlin, D. Mindlin, G. Mariani and R. Torres, % net of repurchases. (2) Figures include Plan Gas and affiliates’ sales at O/S. (3) Figures include affiliates’ EBITDA at O/S. (4) Includes affiliates’ net debt at O/S, shares repurchased as of November 23, 2018 and financial interests. (5) As of December 3, 2018, net of repurchases. (6) As of September 30, 2018 over issued stock, Generation’s based on GWh at O/S. (7) Excludes assets divested to Vista. (8) Excludes assets sold to Pampa Energía 5 Trafigura. (9) Under IFRS, Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in our FS. Brief Situation Update
2018 Power Generation • Commissioning of our first wind farm of 100 MW on June 2018 • Capacity expansions in the pipeline: 160 MW renewable and 398 MW thermal • Thermal legacy units enabled to self-procure fuel for power generation
Gas Upstream • New sale gas prices for power generation and retail • License extension in the El Mangrullo & Sierra Chata blocks for 35 years • Started shale gas drilling campaign at El Mangrullo block • Export authorization to Chile up to 71 mcf/d on a non-firm basis from Neuquina Basin
Utilities • Full implementation of comprehensive tariff reviews: full run-rate as from Feb/Apr 2018 • Cost inflation adjustments on track: As from August 2018, Edenor 8% and 6% deferred to February 2019 plus Transener 15%; TGS 20% as from October 2018 • Unregulated business: TGS to develop a gas pipeline for blocks in Vaca Muerta formation
Corporate Reorganization • Sale of non-core assets to focus resources and efforts on core businesses • Merger process fully executed • Repurchased own shares for US$328 million, cancelled 9% of capital stock
Pampa Energía 6 Power Generation
Pampa Energía 7 Pampa is a Key Player with Outstanding Performance
Argentina’s Market Share, Ranking of Private GenCos, YTD 20181 YTD 20181 Key Power Generation Figures 3 hydro plants 1. Pampa Energía 10.9% Pampa 8 thermal plants Energía Gov't owned Central 2. Central Puerto 10.4% 1 + 3 wind farms 29.9 Puerto 3. AES 10.1% 3,871 MW installed capacity % AES 4. ENEL 10.0% + 558 MW under construction2 ENEL 4,429 MW total capacity Other Private Co. 28.6 Of which: 75% ‘legacy’ capacity3 25% ‘new’ capacity4 Pampa’s Historical Availability v. Peers, in %
Pampa's thermal capacity Thermal grid without Pampa
1 93% 96% 1 88% 90% 1 86% 87% 87% 87% 83% 84% 1 82% 82% 81% 78% 80% 1 74% 1 73% 71% 73% 71% 73% 70% 73% 1 67% 65% 67%
1
1
1
1 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(5)
Note: (1) Source: Cammesa, as of September 2018. (2) 383 MW awarded through thermal tender, 156 MW through MAT ER and 15 MW under receivables swap Pampa Energía 8 capacity program signed in 2014. (3) Remunerated under Res. 19/17. (4) Remunerated under PPAs or contracts. (5) As of July 2018. One of the Largest Independent Power Producers 2,833 MW of Thermal Capacity + 398 MW of Expansions 7 4 1. Loma de la Lata 765 MW + 15 MW 3. Piedra Buena + Ing. White 720 MW
5 2 4. Güemes 361 MW
1 3 6
2. Genelba 843 MW + 383 MW
Thermal Plant 5. Parque Pilar 100 MW Thermal Plant + Brownfield Project
Greenfield Power Plant
6. EcoEnergía 14 MW 7. Piquirenda 30 MW
Pampa Energía 9 One of the Largest Independent Power Producers 938 MW of Hydro + 100 MW Wind + 160 MW of Renewable Expansions
1. Diamante 388 MW 3. Cebreiro WF 100 MW + 160 MW
1 4
3 2
2. Pichi Picún Leufú 285 MW 4. Los Nihuiles 265 MW
Greenfield Wind Farm
Hydropower plant
Pampa Energía 10 +US$900 Million of Investments1 in Power Generation Expansions, Mainly Based on Brownfield Projects
Cap. Payment Capex PPA US$ Final Price US$ Project MW Duration /MW-month US$/MWh million COD
1 CTLL 105 10Y 23,000 39.0 90 5-Aug-17
2 2 Pilar 100 10Y 26,900 51.8 103 29-Aug-17 4 Thermal 3 3 Ing. White 100 10Y 21,800 42 – 45 92 22-Dec-17 1 5/6
OC: Q2 2019 4 Genelba 383 15Y 20,500 34.1 350 CC: Q2 2020
Mario 5 100 20Y NA 58 139 8-Jun-18 Cebreiro2 Brownfield Renewable Greenfield Pampa II/III: Q2 2019 6 160 NA NA NA 209 II/III/IV IV: Q4 2019
Pampa II & III Wind Farms Genelba Plus Expansion
Note: (1) Adjusted by our ownership. (2) Pampa’s ownership is 50%. Price does not include average multiplier of 1.2. Pampa Energía 11 Oil & Gas Exploration & Production
Pampa Energía 12 Pampa Energía is a Leading Independent Gas Producer
Asset Map Overview Operations in Argentina • Pampa is a leading gas producer in Argentina – 6% of the country’s net gas production, as of September 2018
• Pampa is one of the largest independent unconventional (tight + shale) gas producers in the country (12% share as of September 2018) – 21% share of the tight gas (#1 independent producer)
• Production from 11 blocks: 45k boe/d1,2 – Natural gas: 6.7 mcm per day = 238 mcf/d (88%) – Oil: 5.4k bbl/d (12%) Pampa’s Reserves2 @ Dec-17 – 922 productive wells in Argentina • Natural gas: 410 (44%)
– Participation in 9 exploration blocks Liquids 11% P1 reserves @ Dec’ 20172: 125 million boe Undeveloped • Developed 58% – Undeveloped 42% 42%
Interest in 8% of Argentina’s % shale gas acreage Developed 58%
Natural Gas Argentina 89% 100%
Note: (1) Average Q3 2018 for continuing operations. (2) Excludes assets sold to Vista. Pampa Energía 13 Our Strategy is Going Towards Gas Production in the Best Areas in Argentina
Neuquén Basin Blocks (mcm per day)
This four areas jointly already produce ~11.3 mcm per day (399 mcf/d), 10% of Argentina’s total gas production Concession Concession Río Neuquén until 2051 El Mangrullo until 2053 • Formations: Punta Rosada, • Formation: Agrio, Mulichinco Quintuco • Operator: Pampa
• Operator: YPF • Ownership: 100% Parva Negra Este • Ownership: 33.1% • Production @ 100%: • Production @ 100%: 2.8 2.4 Sierra Chata 4.0 2.1 2.1 3.3 2.5 1.5
2015 2016 2017 sep-18 2015 2016 2017 sep-18 El Mangrullo Concession Rincón del Mangrullo Sierra Chata until 2053 Las Rincón del Mangrullo • Formation: Mulichinco Concession • Formation: Mulichinco Tacanas Río Neuquén Norte • Operator: YPF until 2052 • Operator: Pampa • Ownership: 50% • Ownership: 45.55% • Production @ 100%: • Production @ 100%:
4.7 4.3 1.4 3.3 2.2 1.3 1.3 1.3
Key Productive Gas Blocks 2015 2016 2017 sep-18 2015 2016 2017 sep-18 Key Exploration Gas Blocks Pampa Energía 14 Enormous Upside Potential From Our Shale Resources
7 Blocks in Vaca Muerta Play Map
Interest in 8% of DRY GAS WET GAS OIL Vaca Muerta’s Veta Escondida shale gas acreage
Parva Negra Este Vaca VM vs. Rincón de USA Aranda Muerta USA
Sierra Chata Oil Production 65 6,209 1% (kb/d)
Natural Gas Production 795 56,422 1.4% (mcf/d) El Mangrullo
# Wells 917 ~300,000 0.3%
Río Neuquén Río Neuquén (Neuquén) # Horizontal (Río Negro) 406 ~77,200 0.5% Las Tacanas Wells Norte Resources1 (Tb) 55 207 27%
Blocks in which Pampa Energía holds interest Shale gas well drilled/drilling
Note: As of September 2018. (1) Source from EIA 2013 and GiGa Consulting. Pampa Energía 15 Utilities
Pampa Energía 16 Edenor is the Largest Electricity DistCo in Argentina
9 million PEOPLE
3 million CUSTOMERS
370,000 SMEs & INDUSTRIES
4,637 km2 SERVICE AREA
95-year concession EXPIRES IN 2087 & OPTIONAL 10 YEARS
21,583 GWh SOLD in LTM
~20% MARKET SHARE
51.8%(1) OWNERSHIP CONTROL
Note: As of September 30, 2018. (1) Based on issued shares. It includes shares bought on the open market. Pampa Energía 17 TGS is the Backbone of the Argentine Natural Gas Sector
Business Overview Asset Map
Natural Gas Transportation Share of Total • Largest gas transportation company of Argentina and LatAm Gas Production (%) Vaca Muerta . Transports around 60% of the country’s total gas production 2nd Largest . Concession until 2027, extendable for additional 10 years Shale Gas Noroeste 4% Reserve NGL Processing in the World • #2 producer in Argentina, with ~1m ton/year of capacity . Exports ~35% of production and ethane is sold to Dow Cuyana 0% Chemical under a US$ contract Midstream & Telecommunications Neuquina • Construction, operation and maintenance of natural gas 61% treatment and compression facilities, as well as pipelines Cerri Processing Plant • Through Telcosur, providing data transmission services using Golfo de 10% microwave and fiber optic technology San Jorge
Corporate Structure Austral Sielecki 25% Safra 100% Werthein CIESA TGS’ Concession Area Trust 10% 40% 50% Free CIESA General San Martín 84.7 mcm/d Transportation Capacity Float 51% Neuba I 23.1% 25.9% 9,184 km Pipeline Length Neuba II Cordillerano 83% Annual Load Factor Source: Company information. Direct ownership Indirect ownership Pampa Energía 18 Gas Midstream: Unique Growth Opportunity from Vaca Muerta
Gathering Pipeline of 60 mcm per day of installed capacity and 147 km length
• BOT concession of gas gathering pipeline by Neuquén province gov’t • TGS will develop key infrastructure to transport and treat the gas production from blocks at the Vaca Muerta formation, allowing the connection of incremental
production to the main pipeline North tranche: . North tranche: 115 km/72 35 mcm/1.2 bcf per day miles length and diameter of 36’’ . South tranche: 32 km/20 miles length and diameter of 30’’ . Initial 5 mcm/177 mcf per day of gas treatment plant, expandable by modules • Contracts signed with producers in the area and others under negotiation • Non-regulated business and tariffs denominated in US$ South tranche: 25 mcm/0.9 bcf • Investment estimated at ~US$340 per day Connection to: TGN (27 mcm million to be disbursed between /1 bcf per day) 2018-2019 TGS (44 mcm /1.6 bcf per day)
Pampa Energía 19 Transener is the Largest High Voltage Grid in Argentina
Business Overview
• Transener operates, maintains and supervises 20,701 km of high-voltage electricity lines in Argentina, holding 85% of market share . Transener was privatized in July 1993 with an exclusive 95- year concession, operates 12,383 km of lines and 50 substations, as well as supervises 2,106 km and 7 substations
. Transba was privatized in August 1997 with an exclusive 95- year concession, operates 6,212 km of lines and 95 substations
Corporate Structure
Free Float
26.3% 27.8% 19.6% 26.3%
Employee Stock 90% Ownership Plan 10%
Direct ownership Indirect ownership
Note: As of September 30, 2018. Pampa Energía 20 Debt Structure
Pampa Energía 21 Unlevered Company in a Highly Intense Capital Sector, Maturities Well Distributed Over the Next Years
In US$ million as of September 30, 20181 + Share Repurchases
Consolidated debt from FS US$2,046 million Pampa Edenor Transener @ O/S TGS @ O/S Other affiliates @ O/S 750 + Affiliates' debt @ O/S US$230 million Pampa US$500m @ 7⅜ Pampa US$750m 2 Total gross debt US$2,277 million @ 7½ 513 Consolidated cash from FS US$702 million Transener Edenor US$99m US$176m + Affiliates' cash @ O/S US$160 million @ 9¾ @ 9¾ TGS US$500m @ 6¾ - Share repurchase program3 US$(24) million 209 196 189 141 Total cash US$838 million 117 25 25 122 26 168 165 176 18 13 Pampa's net debt US$1,439 million 117 93 128
Net Debt/LTM Adj. EBITDA 1.2 x 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Gross Consolidated Debt Breakdown, 100% = US$2.3 billion Current Credit Ratings By currency By company News Updatefor Pampa Greenwind B 3% AR$ 2% Edenor B2 Pampa 10% US$ US$ 97% % 80% % B Link TGS 1% 6% AA- (arg) Transener 1% Refinor 0%
Notes: Affiliates’ stakes at ownership. (1) FX AR$41.25/US$. (2) Includes financial interests. (3) Repurchases after Q3 18 closing, last repurchase made on October 23, 2018. Pampa Energía 22 Pampa Bottom Line
Pampa Energía 23 Pampa Energía: Upsides and Opportunities
Power Gas generation Upstream
Building our Development of our committed expansions tight gas reserves and and looking at M&A shale gas acreage in opportunities Vaca Muerta formation
Conservative Normalization liability of utilities management
Tariff reviews in place Our current after 16 years of net debt-to-EBITDA default in Edenor, ratio is 1.2x1 Transener & TGS
Note: (1) It considers EBITDA and net debt as of Q3 ’18, including repurchase of shares as of November 23, 2018. Pampa Energía 24 For further information, contact: • Gustavo Mariani CEO • Ricardo Torres Vice President • Mariano Batistella Planning, Strategy & Affiliates Executive Director • Lida Wang Investor Relations Officer
The Pampa Energía Building, Maipú 1 (C1084ABA), Ciudad Autónoma de Buenos Aires, Argentina +54 (11) 4344 6000 http://ri.pampaenergia.com/en [email protected] @PampaEnergia
The material is a presentation of general background information about Pampa Energía SA as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.
This presentation contains information and statements that are forward-looking within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the 'Securities Act') and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current assumptions, expectations and projections about future events. Forward-looking statements may be identified by the words 'believe', 'expect', 'anticipate', 'target', or similar expressions. While Pampa' s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Pampa, which could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, changing business, regulatory, political or other market conditions in Argentina and elsewhere, the completion of our new generation projects, the completion of our distribution and transmission subsidiaries' tariff revision process, the prospects for growth anticipated by our management, and the other risks and uncertainties discussed in our reports and other documents filed with the U.S. Securities and Exchange Commission. Further, Pampa undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise, nor makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied upon as a promise or representation that any such forward looking statements will be achieved. Management is not making and you should not infer any representation about the likely existence of any particular future set of facts or circumstances.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act. Any offering of securities to be made in the United States will be made by means of a prospectus or offering prepared in connection with any such offering.
Pampa Energía Pampa Energía 25 Annex
Pampa Energía 26 Q3 2018 Consolidated Results
Adjusted EBITDA from Continuing Businesses1 In million AR$
9,078 Segment Q3 17 Q3 18 ∆$ ∆%
Power Generation 1,408 3,509 2,101 +149%
3,509 Electricity Distribution 843 1,876 1,033 +123%
Oil & Gas* 1,709 2,276 567 +33%
4,355 1,876 Refining & Marketing* 18 112 94 NA
1,408 Petrochemicals 20 (155) (175) NA
843 2,276 Holding and Others 357 1,413 1,056 +296% 112 1,709 Eliminations - 47 47 NA 18 1,413 20 357 Total 4,355 9,078 4,723 +108% (155) * Does not include discontinued operations Q3 17 Q3 18 Q3 17 Q3 18 Assets sold to Vista & Trafigura
(1) Consolidated adjusted EBITDA represents the consolidated results before net financial results, income tax and minimum notional income tax, depreciations and amortizations, non-recurring and non-cash income and expense, equity income and other adjustments from the IFRS Pampa Energía 27 implementation and includes affiliates EBITDA’s at ownership. For more information, please refer to section 3 of the Earnings Release. Q3 2018 Consolidated Results
Adjusted EBITDA from Continuing Businesses In million AR$
Adj. EBITDA 3,509 1,876 2,276 112 (155) 1,460 Q3 18 9,078
+108% yoy +1,103
+567 +94 +175 +1,033
+2,101
4,355
Power Electricity Refining & Petro- Holding, Total Q3 17 Power GenerationElectricity Distribution OilOil && Gas Refining & MarketingPetrochemicals Holding and Others Total Q3 18 Q3 17 Generation Distribution Marketing chemicals Others & Q3 18 Eliminations
Pampa Energía 28 Power Generation
Adjusted EBITDA Generation Performance In million AR$ In GWh Temporal outages 3,509 AR$ devaluation 3,724 at CTGEBA +149% New PPAs in 3,572 Lower dispatch force & full fare requested at CPB for legacy energy & CTG Full operation of Incl. MC wind Thermal 84% CTPP, CTLL’s farm’s EBITDA @ 1,408 90% TG05 & CCGT 50% enhancement, Higher costs for Wind CTIW & MC wind gas, transp., 3% farm Hydro 10% 16% O&M from new Higher water flow Q3Q3 17 Q3Q3 18 units Q3Q3 1717 Q3Q3 18 at HPPL
Availability Performance News Update In % to Installed Capacity Commissioning 3,871 MW of MC wind farm • Ability for power generators to self-procure fuel 3,656 MW +6% & CTIW 94.2% • Expansions’ status: Genelba & wind farms +2% 92.2% CTLL’s steam turbine capacity increase
Q3Q3 1717 Q3Q3 18
Pampa Energía 29 Power Generation
Genelba Expansion
Pampa Energía 30 Power Generation
PEPE II & III Wind Farms Expansions
Pampa Energía 31 Electricity Distribution
Adjusted EBITDA RTI’s full fare Sales Performance Higher demand In million AR$ implementation In GWh from residential 1,876 + costs update 5,587 5,626 users, peaked in +123% in Aug ‘17 and Jul & Aug due to Feb & Aug ‘18 6% 7% cold weather Def. income 540 Income from 34% 33% Lower demand deferred tariff from large users 843 increase in 2017 16% 15% & SMEs Higher rate and 1,336 Public lighting & costs of energy shantytowns losses 44% 45% Industries Higher penalties SMEs and 3rd party & Q3 17 Q3 18 Q3 17 Q3 18 Q3 17 Q3 18 labor costs Q3 17 Q3 18 Residential
Number of End-Users In million News Update
• Reference price of electricity: no changes for summer season +3% • Status of Memorandum of Understanding 3.0 2.9 Market discipline actions
Q3Q3 1717 Q3Q3 1818 Pampa Energía 32 Oil & Gas
Adjusted EBITDA from Continuing Businesses Domestic Production Performance In million AR$ In kboe per day 2,276 FX impact End of service at +33% Better oil sale 50.0 Medanito La 1,709 price in US$ 45.0 Pampa in Oct-17 Incl. OldelVal’s Lower gas EBITDA @ 23.1% production at R. End of Plan Gas 2 del Mangrullo Lower gas prices Higher gas in US$ production at El End of service at Mangrullo & Río Medanito La Neuquén blocks Q3Q3 1717 Q3Q3 18 Pampa in Oct-17 Q3Q3 1717 Q3Q3 18
Argentina Gas Production Performance Argentina Crude Oil Production Performance In mcf/d In kb/d US$6.3/MBTU US$4.5/MBTU US$49.4/bbl
250 Price 8.3 Price 238 US$66.4/bbl End of Plan Gas 2 Export parity CAMMESA & 5.4 Production industries End of service at Residential Medanito La Production Pampa R. del Mangrullo Slight increase of oil prod. at El El Mangrullo & Río Tordillo Neuquén Q3Q3 1717 Q3Q3 18 Q3Q3 1717 Q3Q3 18
Average Price Pampa Energía 33 Oil & Gas
News Update
• CAMMESA’s gas auction for power generation • Operation update • New tariffs for gas retail • Gas export regulation • Sale of equity ownership at OldelVal
Pampa Energía 34 Petrochemicals
Adjusted EBITDA Sales Performance In million AR$ In thousand ton 20 US$889/ton US$1,074/ton 124 85 66% Other 63% SBR 7% 6% Styrene & (155) Lower output 27% 31% Polystyrene Higher operating & Q3 17 Q3 18 Q3 17 Q3 18 Q3 17 Q3 18 raw material’s cost Q3 17 Q3 18 Lower reforming Better int’l sale products due to prices in US$ lack of virgin Excludes ex PZE’s naphtha contingencies News Update Labor strike at polystyrene plant • No news Lower demand of styrene products due to higher international prices
Pampa Energía 35 Holding & Others
Adjusted EBITDA Affiliates’ EBITDA Performance @ 100% Ownership In million AR$ In million AR$ RTI + RTI + Transener TGS cost cost update update +296% 1,413 1,258 Lower 3,980 FX penalties impact Better 1,017 TGS 739 liquids 357 1,064 margin 271 Transener 331 195 65 Holding (109) Q3 17 Q3 18 Q3 17 Q3 18 Q3 17 Q3 18 Q3 17 Q3 18 Q3 17 Q3 18 Q3 17 Q3 18
News Update
• TGS • Status of repurchase program . Remuneration semiannual update • Pampa’s purchase of Edenor and TGS’ shares on the open . Long-term ethane sales contract market . New export tax • IFRS: Inflation-adjusted restatement of financial statements . Dividend payment
• Transener . Status of remuneration semiannual update . Status of RTI for independent power transmitters
Pampa Energía 36 Q3 2018 Consolidated Results
Net Income to Shareholders In million AR$ Reported Q3 18 NI to (3,681) (451) (6,761) 108 (801) 3,549 (7,135) Shareholders
1,284
-4,227 +292
+2,824
+67 -6,750 -625
Power Electricity Refining & Petro- Holding, Oil & Gas Q3 17 Generation Distribution Marketing chemicals Others & Q3 18 Eliminations
Pampa Energía 37