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GROUP STRUCTURE (Tables)
 12 Months Ended
Dec. 31, 2022
Group Structure  
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
       
    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
 
  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
 
  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
               
            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
                     
        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
       
    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
           
    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
           
    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
 
  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
                     
          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
           
    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