Bruno Montaragi's questions to Pampa Energy (PAM) leadership • Q2 2025
Question
Inquired about cash generation expectations for H2 2025, CapEx intensity, working capital trends, the company's learning curve in shale oil, and any operational surprises at Rincon de Aranda.
Answer
Free cash flow will be negative in 2025 and 2026 due to heavy CapEx in Rincon de Aranda. The company is improving drilling and completion efficiency and was positively surprised by a third productive landing zone. They are confident in reaching production targets.