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GROUP STRUCTURE (Tables) | 12 Months Ended
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Dec. 31, 2022
Group Structure |
Schedule of consolidated statement of comprehensive income related to discontinued operations |
Schedule of consolidated statement of comprehensive income related to discontinued operations |  |  |
| Distribution of Energy
| 12.31.2021 |  | 12.31.2020
Revenue | 493 |  | 1,085
Cost of sales | (398) |  | (926)
Gross profit | 95 |  | 159
Selling expenses | (36) |  | (79)
Administrative expenses | (26) |  | (64)
Other operating income | 21 |  | 29
Other operating expenses | (18) |  | (25)
Reversal of property, plant and equipment impairment | 16 |  | (589)
Impairment of financial assets | (11) |  | (50)
Operating income (loss) | 41 |  | (619)
Gain on monetary position, net | 120 |  | 115
Financial income | - |  | 1
Financial costs | (106) |  | (110)
Other financial results | 8 |  | (20)
Financial results, net | 22 |  | (14)
Profit (Loss) before income tax | 63 |  | (633)
Income tax | (138) |  | 41
Loss of the year from discontinued operations | (75) |  | (592)
Other comprehensive income (loss) |  |  |
Items that will not be reclassified to profit or loss |  |  |
Results related to defined benefit plans | - |  | 1
Exchange differences on translation | 34 |  | (15)
Items that may be reclassified to profit or loss |  |  |
Exchange differences on translation (1) | 30 |  | (19)
Other comprehensive income (loss) of the year from discontinued operations | 64 |  | (33)
Total comprehensive loss of the year from discontinued operations | (11) |  | (625)
Total (loss) profit of the year from discontinued operations attributable to: |  |  |
Owners of the company | (39) |  | (499)
Non - controlling interest | (36) |  | (93)
| (75) |  | (592)
Total comprehensive loss of the year from discontinued operations attributable to: |  |  |
Owners of the company | (9) |  | (517)
Non - controlling interest | (2) |  | (108)
Total comprehensive (loss) income of the year from discontinued operations attributable to: | (11) |  | (625)
(1) | As of December 31, 2021, corresponds to the reclassification adjustment for exchange differences losses included in profit or loss on Edenor disposal. No exchange differences losses on translation were reconized during 2021.
Schedule of consolidated statement of cash flows related to discontinued operations |
Schedule of consolidated statement of cash flows related to discontinued operations |  |  |  |
|  | Distribution of Energy
|  | 12.31.2021 |  | 12.31.2020
Net cash generated by operating activities |  | 116 |  | 211
Net cash used in investing activities |  | (166) |  | (86)
Net cash used in financing activities |  | (7) |  | (73)
(Decrease) Increase in cash and cash equivalents from discontinued operations |  | (57) |  | 52
Cash and cash equivalents at the beginning of the year |  | 52 |  | 9
Effect of devaluation and inflation on cash and cash equivalents |  | 5 |  | (9)
(Decrease) Increase in cash and cash equivalents |  | (57) |  | 52
Cash and cash equivalents at the end of the year |  | - |  | 52
Schedule of fair value of the consideration transferred |
Schedule of fair value of the consideration transferred |
| In million US$
Consideration transferred | (20.5)
Fair value of the previous interest in Greenwind | (20.4)
Total | (40.9)
Property, plant and equipment (1) | 127.7
Intangible assets - Customer contract (2) | 31.6
Financial assets at fair value | 24.4
Trade receivables (3) | 6.3
Other assets | 0.1
Cash and cash equivalents | 3.1
Borrowings | (89.3)
Deferred tax liabilities | (54.3)
Income tax liabilities | (4.4)
Trade and other payables | (2.0)
Provisions | (1.4)
Tax liabilities | (0.9)
Total acquisition price allocation (4) | 40.9
| (1) | Mario Cebreiro Wind Farm’s fair value was assessed using the “cost-based approach,” which consists of the farm’s replacement cost new, adjusted by its loss of value resulting from physical deterioration and functional and economic obsolescence.
| (2) | The fair value of this intangible asset regarding the identified business transactions has been determined through the application of the “income-based approach” and the “multi-period excess earnings” method. Key assumptions used considered: i) projected generation level; and ii) discount rate. The useful life was assessed based on the remaining years of the contract.
| (3) | For acquired trade receivables, contractual value does not differ from fair value.
| (4) | No differences in the acquired assets’ accounting valuation were identified, except for the values detailed under Property, plant and equipment and Intangible assets.
Schedule of fair values of assets acquired and liabilities assumed |
Schedule of fair values of assets acquired and liabilities assumed |
| In million US$
Consideration transferred | (128.1)
Estimated price adjustment | 6.7
Total | (121.4)
Property, plant and equipment (1) | 167.7
Intangible assets - Customer contract (2) | 62.3
Trade receivables (3) | 4.9
Other receivables | 1.2
Deferred tax liability | (60.2)
Income tax liability | (5.0)
Trade and other payables | (3.3)
Other payables | (46.0)
Tax liabilities | (0.2)
Total acquisition price allocation (4) | 121.4
| (1) | Arauco Wind Farm’s fair value was assessed using the “cost-based approach,” which consists of the farm’s replacement cost new, adjusted by its loss of value resulting from physical deterioration and functional and economic obsolescence.
| (2) | The fair value of this intangible asset regarding the identified business transactions has been determined through the application of the “income-based approach” and the “multi-period excess earnings” method. Key assumptions used considered: i) projected generation level; and ii) discount rate. The useful life was assessed based on the remaining years of the contract.
| (3) | For acquired trade receivables, contractual value does not differ from fair value.
| (4) | No differences in the acquired assets’ accounting valuation were identified, except for the values detailed under Property, plant and equipment and Intangible assets.
Schedule of subsidiaries information |
Schedule of subsidiaries information |  |  |  |  |  |  |  |
|  |  |  |  |  | 12.31.2022 |  | 12.31.2021
Company |  | Country |  | Main activity |  | Direct and indirect participation % |  | Direct and indirect participation %
Autotrol Renovable S.A. (1) |  | Argentina |  | Generation |  | 100.00% |  | -
GASA |  | Argentina |  | Generation |  | 100.00% |  | 100.00%
Enecor S.A. |  | Argentina |  | Electricity transportation |  | 70.00% |  | 70.00%
Fideicomiso CIESA |  | Argentina |  | Investment |  | 100.00% |  | 100.00%
Greenwind (3) |  | Argentina |  | Generation |  | 100.00% |  | 50.00%
HIDISA |  | Argentina |  | Generation |  | 61.00% |  | 61.00%
HINISA |  | Argentina |  | Generation |  | 52.04% |  | 52.04%
CISA |  | Argentina |  | Trader & investment |  | 100.00% |  | 100.00%
PEB |  | Bolivia |  | Investment |  | 100.00% |  | 100.00%
PB18 |  | Ecuador |  | Oil |  | 100.00% |  | 100.00%
Energía Operaciones ENOPSA S.A. |  | Ecuador |  | Oil |  | 100.00% |  | 100.00%
Pampa Ecuador Inc |  | Ecuador |  | Investment |  | 100.00% |  | 100.00%
PE Energía Ecuador LTD |  | Gran Cayman |  | Investment |  | 100.00% |  | 100.00%
EISA |  | Uruguay |  | Investment |  | 100.00% |  | 100.00%
PISA |  | Uruguay |  | Investment |  | 100.00% |  | 100.00%
TGU |  | Uruguay |  | Gas transportation |  | 51.00% |  | 51.00%
Corod (3) |  | Venezuela |  | Oil |  | - |  | 100.00%
Petrolera San Carlos S.A. |  | Venezuela |  | Oil |  | 100.00% |  | 100.00%
Vientos de Arauco Renovables S.A.U. (4) |  | Argentina |  | Generation |  | 100.00% |  | -
Vientos Solutions Argentina S.A.U. |  | Argentina |  | Advisory services |  | 100.00% |  | -
VS S.L. (2) |  | España |  | Investment |  | 100.00% |  | -
| (1) | See Note 5.1.4.
| (2) | See Note 5.1.3.
| (3) | Interest assigned under the assignment of the indirect interest in the capital stock of mixed companies in Venezuela. See Note 5.3.2.
| (4) | See Note 5.1.5.
Disclosure Of Investments In Associates And Joint Ventures |
Disclosure Of Investments In Associates And Joint Ventures |  |  |  |  |  |  |  |  |  |
|  |  |  | Information about the issuer
|  | Main activity |  | Date |  | Share capital |  | Profit (loss) of the year |  | Equity
Associates |  |  |  |  |  |  |  |  |  |
OCP |  | Investment |  | 12.31.2022 |  | 100 |  | (4) |  | 96
TGS (1) |  | Gas transportation |  | 12.31.2022 |  | 4 |  | 182 |  | 1,508
Joint ventures |  |  |  |  |  |  |  |  |
CIESA (1) |  | Investment |  | 12.31.2022 |  | 4 |  | 93 |  | 770
Citelec (2) |  | Investment |  | 12.31.2022 |  | 3 |  | 5 |  | 235
CTB |  | Generation |  | 12.31.2022 |  | 48 |  | 53 |  | 536
| (1) | The Company holds a direct and indirect interest of 3.764% in TGS and 50% in CIESA, a company that holds a 51% interest in the share capital of TGS. Therefore, additionally the Company has an indirect participation of 25.50% in TGS.
As of December 31, 2022, the quotation of TGS's ordinary shares and ADR published on the Buenos Aires Stock Exchange and the NYSE was $ 811.05 and US$ 11.80, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 188,568 million.
| (2) | The Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener’s capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of December 31, 2022, Transener’s common share price listed at the Buenos Aires Stock Exchange was $ 184,50, conferring Pampa’s indirect interest an approximate $ 21,598 million market value.
Schedule of interest in associates and joint ventures |
Schedule of interest in associates and joint ventures |  |  |  |
|  | 12.31.2022 |  | 12.31.2021
Disclosed in non-current assets |  |  |  |
Associates |  |  |  |
Refinor (1) |  | - |  | 22
OCP |  | 15 |  | 24
TGS |  | 67 |  | 52
Total associates |  | 82 |  | 98
Joint ventures |  |  |  |
CIESA |  | 435 |  | 347
Citelec |  | 117 |  | 102
CTB |  | 268 |  | 227
Total joint ventures |  | 820 |  | 676
Total associates and joint ventures |  | 902 |  | 774
Disclosed in non-current liabilities |  |  |  |
Joint ventures |  |  |  |
Greenwind |  | - |  | (4)
Total joint ventures |  | - |  | (4)
| (1) | See Note 5.1.2.
Schedule of result from interests in associates and joint ventures |
Schedule of result from interests in associates and joint ventures |  |  |  |  |  |
|  | 12.31.2022 |  | 12.31.2021 |  | 12.31.2020
Associates |  |  |  |  |  |
Refinor |  | (12) |  | (2) |  | (2)
OCP |  | (1) |  | 18 |  | (5)
TGS |  | 7 |  | 7 |  | 1
Total associates |  | (6) |  | 23 |  | (6)
Joint ventures |  |  |  |  |  |
CIESA |  | 43 |  | 50 |  | 11
CTB |  | 41 |  | 49 |  | 64
Citelec |  | 3 |  | (3) |  | 13
Greenwind (1) |  | 24 |  | (2) |  | 3
Total joint ventures |  | 111 |  | 94 |  | 91
Total associates and joint ventures |  | 105 |  | 117 |  | 85
| (1) | See Note 5.1.3.
Schedule of evolution of interests in associates and joint ventures |
Schedule of evolution of interests in associates and joint ventures |  |  |  |  |  |
|  | 12.31.2022 |  | 12.31.2021 |  | 12.31.2020
At the beginning of the year |  | 770 |  | 547 |  | 507
Compensation |  | - |  | - |  | (5)
Dividends |  | (8) |  | - |  | (34)
Increases |  | 1 |  | 17 |  | 3
Decrease due to acquisition of control (1) |  | (20) |  | - |  | -
Decrease due to sale of equity interests (2) |  | (6) |  | - |  | -
Share of profit |  | 116 |  | 117 |  | 85
Impairment (2) |  | (11) |  | - |  | -
Exchange differences on translation |  | 60 |  | 89 |  | (9)
At the end of the year |  | 902 |  | 770 |  | 547
(1) | See Note 5.1.3.
(2) | See Note 5.1.2.
Investment in associates adquisition |
Investment in associates adquisition |
| In million US$
Acquisition cost | (5.0)
Total consideration | (5.0)
Share value of the interest in the fair value of OCP’s identifiable assets and liabilities (1) | 12.7
OCP dividends to be received | 9.5
Assets fair value | 22.2
Profit (2) | 17.2
| (1) | Calculated based on the present value of expected dividend flows.
| (2) | Disclosed under “Share of profit from associates and joint ventures”.
Schedule of oil and gas areas participations |
Schedule of oil and gas areas participations |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Participation |  |  |  | Duration Up To
Name |  |  | Location |  | Direct |  | Indirect |  | Operator |
Argentine production |  |  |  |  |  |  |  |  |  |  |
Río Neuquén |  |  | Río Negro and Neuquén |  | 31.42% and 33.07% |  | - |  | YPF |  | 2027/2051
Sierra Chata |  |  | Neuquén |  | 45.55% |  | - |  | PAMPA |  | 2053
El Mangrullo |  |  | Neuquén |  | 100.00% |  | - |  | PAMPA |  | 2053
La Tapera - Puesto Quiroga |  |  | Chubut |  | 35.67% |  | - |  | Tecpetrol |  | 2027
El Tordillo |  |  | Chubut |  | 35.67% |  | - |  | Tecpetrol |  | 2027
Aguaragüe (1) |  |  | Salta |  | 15.00% |  | - |  | Tecpetrol |  | 2023/2027
Gobernador Ayala |  |  | Mendoza |  | 22.51% |  | - |  | Pluspetrol |  | 2036
Anticlinal Campamento (2) |  | Neuquén |  | 15.00% |  | - |  | Oilstone |  | 2026
Estación Fernández Oro (3) |  |  | Río Negro |  | 15.00% |  | - |  | YPF |  | 2026
Río Limay este (Ex Senillosa) (4) |  |  | Neuquén |  | 85.00% |  | - |  | PAMPA |  | 2040
Veta Escondida y Rincón de Aranda |  |  | Neuquén |  | 55.00% |  | - |  | PAMPA |  | 2027
Rincón del Mangrullo |  |  | Neuquén |  | 50.00% |  | - |  | YPF |  | 2052
Los Blancos (ex Chirete) |  |  | Salta |  | 50.00% |  | - |  | High Luck Group Limited |  | 2045
Argentine exploration |  |  |  |  |  |  |  |  |  |  |
Parva Negra Este (5) |  |  | Neuquén |  | 42.50% |  | - |  | PAMPA |  | 2019
Río Atuel (6) |  |  | Mendoza |  | 33.33% |  | - |  | Petrolera El Trebol |  | 2023
Borde del Limay (7) |  |  | Neuquén |  | 85.00% |  | - |  | PAMPA |  | 2015
Los Vértices (7) |  |  | Neuquén |  | 85.00% |  | - |  | PAMPA |  | 2015
Las Tacanas Norte (8) |  |  | Neuquén |  | 90.00% |  | - |  | PAMPA |  | 2023
| (1) | On February 3, 2023, an agreement for a 10-year extension of the concession was signed with the enforcement authority. The Provincial Executive Order ratifying this agreement is pending publication.
| (2) | Direct participation in 9 wells. On January 19, 2023, the Company accepted Oilstone Energía S.A.’s offer to terminate its rights and obligations under the investment agreement, the Joint Venture and the operating agreement of the block, effective from January 1, 2023.
| (3) | Direct participation in 13 wells.
| (4) | On January 2, 2023, the environmental remediation plan was approved by the Province of Neuquén’s Subsecretariat of Environment, a necessary preliminary step to relinquish the block.
| (5) | A contractual continuity plan was submitted (see details below).
| (6) | Pursuant to Resolution No. 1,787/22 of the Province of Mendoza’s Ministry of Economy and Energy, the granting of a lot under evaluation, requested by Phoenix Global Resources —Petrolera El Trébol’s controlling company— and the Company on April 6, 2022, was approved until August 31, 2023.
| (7) | Under process of relinquishment to the province.
| (8) | On January 4, 2023, the exploration period terminated, and the Company’s rights and obligations over the area expired.
Schedule of exploratory well costs |
Schedule of exploratory well costs |  |  |  |  |  |
|  | 12.31.2022 |  | 12.31.2021 |  | 12.31.2020
At the beginning of the year |  | 42 |  | 50 |  | 33
Increases |  | 2 |  | 8 |  | 24
Transferred to development |  | (6) |  | (16) |  | (7)
At the end of the year |  | 38 |  | 42 |  | 50
Number of wells at the end of the year |  | 7 |  | 10 |  | 12

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