Guido Visocero's questions to Pampa Energy (PAM) leadership • Q2 2025
Question
Inquired about the evolution of lifting costs for Rincon De Aranda, hedging plans for 2026, participation in the CESA LNG project's pipeline, and the potential gas sales and CapEx required for LNG projects.
Answer
Lifting costs are projected to decrease from ~$16/barrel to ~$8.5/barrel currently, and eventually to ~$5/barrel with the operational CPF. About 70-75% of 2026 production is already hedged at ~$69. TGS may participate in the CESA pipeline consortium. The LNG project requires ~$400M CapEx for 6M cubic meters/day of gas, but Pampa's market share and TGS's EBITDA contribution are not yet defined.