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Memoria Y Estados Financieros 2019

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Memoria Y Estados Financieros 2019 Memoria y Estados Financieros 2019 Pampa Energía ● 2020 Annual Report ● 2 Contents Glossary of terms 5 1. 2020 results and future outlook 10 2. Corporate governance 13 3. Our shareholders/stock performance 20 4. Macroeconomic context 22 5. The Argentine electricity market 23 6. The Argentine oil and gas market 41 7. Relevant events 54 8. Description of our assets 70 9. Human resources 93 10. Community and Pampa Energía Foundation 96 11. Information Technology 101 12. Quality, health, safety and environment 102 13. The fiscal year’s results 105 14. Dividend policy 117 15. The Board’s proposal 118 Appendix I: Corporate governance report 119 Pampa Energía ● 2020 Annual Report ● 3 2020 Annual Report To the shareholders of Pampa Energía S.A. (‘Pampa,’ the ‘Company’ or the ‘Group’): Pursuant to the statutory rules and Bylaws currently in force, we submit to your consideration the Annual Report and Financial Statements for the 77th fiscal year ended December 31, 2020. Pampa Energía ● 2020 Annual Report ● 4 Glossary of terms Term Definition +GC Panel ByMA’s Corporate Governance Plus Panel ABOL Argentine Business Organizations Law No. 19,550 ADR/ADS American Depositary Receipts Administración Federal de Ingresos Públicos (Federal Administration of Public AFIP Revenue) AR$ Argentine Pesos Aislamiento social, preventivo y obligatorio (Preventive and mandatory social ASPO isolation) Bbl Barrel Banco Central de la República Argentina (Central Bank of the Republic of BCRA Argentina) BNA Banco de la Nación Argentina (Argentine National Bank) BO Boletín Oficial (Public Gazette) Board of Directors / Pampa Energía’s Board of Directors The Board Boe Barrels of oil equivalent BTU British Thermal Unit Share buyback programs approved on April 27, 2018, June 22, 2018, Buyback Programs March 27, 2019, August 12, 2019, November 8, 2019, March 9, 2020, April 13, 2020, October 30, 2020, and March 1, 2021 Bylaws Pampa Energía’s Bylaws ByMA Bolsas y Mercados Argentinos (Buenos Aires Stock Exchange) Compañía Administradora del Mercado Mayorista Eléctrico S.A. (Argentine CAMMESA Wholesale Electricity Market Clearing Company) CAU Cargo de Acceso y Uso (Access and Use Position) CB Corporate Bonds CC Combined Cycle CEE Comité Ejecutivo de Emergencia (Emergency Executive Committee) CEO Chief Executive Officer CFO Chief Financial Officer CH Hydroelectric power plant CIESA Compañía de Inversiones de Energía S.A. CITELEC Compañía Inversora en Transmisión Eléctrica Citelec S.A. CMA Capital Markets Act No. 26,831 CNG Compressed Natural Gas CNV Comisión Nacional de Valores (National Securities and Exchange Commission) Code Pampa’s Code of Corporate Governance COVID-19 Coronavirus disease CPB Central Piedra Buena S.A. Pampa Energía ● 2020 Annual Report ● 5 CPD Costo Propio de Distribución (Own Distribution Cost) CPI Consumer Price Index CT Thermal Power Plant CTBSA CT Barragán S.A. CTEB Central Térmica Ensenada Barragán CTG Central Térmica Güemes CTGEBA Central Térmica Genelba CTIW Central Térmica Ingeniero White CTLL Central Térmica Loma de la Lata CTP Central Térmica Piquirenda CTPP Central Térmica Parque Pilar CVP Costo Variable de Producción (Variable Production Cost) Dam3 Cubic decameters DDJJ Affidavit DIGO Guaranteed Availability Commitments Distanciamiento social, preventivo y obligatorio (Preventive and mandatory DISPO social distancing) High-Voltage Electric Power Transmission System and/or DisTro Main Distribution Electric Power Transmission System DNU Decreto de Necesidad y Urgencia (Necessity and Urgency Decree) DoP Deliver or Pay E&P Exploration and Production EBITDA Earnings before interest, tax, depreciation and amortization EcoEnergía EcoEnergía Co-Generation Power Plant Edenor Empresa Distribuidora y Comercializadora Norte S.A. ENARGAS Ente Nacional Regulador del Gas (National Gas Regulatory Entity) ENARSA / IEASA Integración Energética Argentina S.A. (former Energía Argentina S.A.) Energía Plus Energía Plus Program, SE Res. No. 1,281/06 Ente Nacional Regulador de la Electricidad (National Electricity Regulatory ENRE Entity) ESG Environmental, Social and Governance FO Fuel Oil FOB Free on Board Fondo de Obras de Consolidación y Expansión de Distribución Eléctrica (Fund FOCEDE for Electricity Distribution Expansion and Consolidation Works) Foundation Fundación Pampa Energía FS Financial statements FV Face Value FX Nominal Exchange Rate(s) GB Great Britain Pampa Energía ● 2020 Annual Report ● 6 GDP Gross Domestic Product GE General Electric GHG Greenhouse gases GO Gas Oil (Diesel Oil) Government / National Administration / Federal Government of the Republic of Argentina Federal Government GS Gas stations GT Gas turbine GU Large Users GU300 Large Users with demands over 300 kW GUDI Large Distribution Company Users GWh Gigawatt-hour GyP Gas y Petróleo de Neuquén S.A.P.E.M. HI Hydroelectric Plants HIDISA Hidroeléctrica Diamante S.A. HINISA Hidroeléctrica Los Nihuiles S.A. HMRT Hours of Maximum Thermal Demand HPPL Hidroeléctrica Pichi Picún Leufú Hydrocarbon Investments National Plan for Hydrocarbon Investments’ Strategic Planning and Committee Coordination Committee ICBC Industrial and Commercial Bank of China Dubai Branch IFRS International Financial Reporting Standards IGJ Inspección General de Justicia (Public Registry of Organizations) Instituto Nacional de Estadística y Censos de Argentina INDEC (National Institute of Statistics and Censuses) IPIM Índice de Precios Internos al por Mayor (Wholesale Domestic Price Index) Kb/kbbl/kboe Thousand barrels/thousand barrels of oil equivalent kCal Kilocalories Km Kilometer kton Thousand tons kW Kilowatt kWh Kilowatt-hour LNG Liquefied Natural Gas LPG Liquefied Petroleum Gas M&A Mergers and acquisitions M3 Cubic meters MAT Term Market MAT ER Term Market from Renewable Energy Sources MBTU Million BTU Pampa Energía ● 2020 Annual Report ● 7 MDP Ministry of Productive Development (former SGE) MEGSA Mercado Electrónico de Gas S.A. Merval Mercado de Valores de Buenos Aires (Buenos Aires Securities Market) MEyM Former Ministry of Energy and Mining MinEn Former Ministry of Energy (former MEyM) MLC Mercado Libre de Cambios (Free Foreign Exchange Market) MMC Cost Monitoring Mechanism MW Mega watt MWh Mega watt-hour N.a. Not applicable N/A Not available NGL Natural Gas Liquids NYSE New York Stock Exchange OCP Oleoducto de Crudos Pesados OldelVal Oleoductos del Valle S.A. PACOGEN Pampa Cogeneración S.A. Pampa / the Company / Pampa Energía S.A. and its subsidiaries the Group / the Issuer PE Wind Farm PEMC Parque Eólico Ingeniero Mario Cebreiro PEN Poder Ejecutivo Nacional (National Executive Branch) PEPE Parque Eólico Pampa Energía PHA PHA SAU. Transportation System Entry Point, or PIST natural gas price at the wellhead Argentine Natural Gas Production Promotion Plan – 2020 – 2024 Supply and Plan Gas.Ar Demand Scheme (DNU No. 892/20 and supplementary provisions) Polisur PBB Polisur S.A. PPA Power Purchase Agreement Set of residential users, hospitals, schools, healthcare centers and other Priority Demand essential services (as from the launching of Plan Gas.Ar, it does not include CNG) PUREE Program for the Rational Use of Electric Power PyME Small and Medium-sized Enterprises QHSE Quality, Health, Safety and Environment R&D Refining and Distribution segment RCD Campo Durán Refinery RECPAM Results from Net Monetary Position Refinor Refinería del Norte S.A. RENPER Registry of Renewable Electric Power Generation Projects Res. Resolution(s) Pampa Energía ● 2020 Annual Report ● 8 RTI Integral Tariff Review S&P Standard & Poor’s Global Ratings SADI Sistema Argentino de Interconexión (Argentine Electricity Grid) SDG Sustainable Development Goals SE Former Secretariat of Energy SEC Security and Exchange Commission Sect. Section(s) SEE Subsecretariat of Electric Energy (former Secretariat of Electric Energy) SGE Former Government Secretariat of Energy (former MinEn) SHC Subsecretariat of Hydrocarbons and Fuels SME Subsecretariat of Electricity Market Social Solidarity and Productive Reactivation Law No. 27,541 within the Solidarity Law framework of Public Emergency SOX Sarbanes-Oxley Act Subsecretariat of Hydrocarbon Resources (former Secretariat of Hydrocarbon SRH Resources) SRRYME Secretariat of Renewable Resources and Electricity Market ST Steam turbine Telcosur Telcosur S.A. TGS Transportadora de Gas del Sur S.A. TJSM Termoeléctrica José de San Martín TMB Termoeléctrica Manuel Belgrano Ton Metric ton ToP Take or pay Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Transba Provincia de Buenos Aires Transba S.A. Transelec Transelec Argentina S.A. Transener Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. TWh Terawatt-hora Encouragement Program for the Investment in Development of Natural Gas Unconventional Plan Gas Production from Unconventional Reservoirs Program, MEyM Res. No. 46, 419, 447 /17 and 12/18 UNIREN Public Utility Contract Renegotiation and Analysis Unit US$ USS Dollars VAD Distribution Added Value VAT Value-added tax VRD Debt Securities WEM Wholesale Electricity Market YPF YPF SA. Pampa Energía ● 2020 Annual Report ● 9 1. 2020 results and future outlook The year 2020 has been unprecedented in history, as it was marked by the global impact of COVID-19. Pampa Energía proudly celebrated the 15th anniversary of its accomplishments in this unusual context, with the same enthusiasm for investing and growth. We succeeded in building a leading company in the Argentine power industry during this period of changing environments, focusing on electricity generation and
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