ARGENTINA · COMPANIES
Key Facts
- Power Index Argentina ranks 4th of 14 in The Rio Times Latin America Power Index, with 61.2 points (October 2026 edition).
- What is happening Pampa Energía, an Argentine power, oil, gas and petrochemicals company, posted third-quarter net profit of US$129 million, up from US$23 million a year earlier.
- Why it matters The company trades in New York as PAM, so US investors can own it, and its results show how Argentina’s power and shale-oil businesses are performing.
- The numbers Sales rose 34% to US$790 million and adjusted EBITDA rose 23% to US$398 million. Net debt rose to US$1.73 billion from US$1.32 billion in June.
- Who is who Pampa Energía is based in Buenos Aires and is listed in New York and Buenos Aires. Its profit is led by power generation, with oil, gas and petrochemicals behind.
- What to watch Management’s results call on Tuesday, 3 November, and whether the oil hedge and a US$2.7 billion urea plant keep pushing net debt higher.
- What it means for you Holders of the New York shares own a company whose profit now leans on power sales as well as oil. This is information, not investment advice.
Pampa Energía, an Argentine power, oil and gas company, says third-quarter profit rose nearly sixfold to US$129 million. Sales climbed 34% to US$790 million.
Pampa Energía posted net profit of US$129 million for July to September, up from US$23 million a year earlier. The results are dated Monday, 2 November, and the shares trade as PAM in New York.
Sales rose 34% to US$790 million, and adjusted EBITDA rose 23% to US$398 million. EBITDA is operating profit before interest, tax, depreciation and amortisation.
What Drove the Quarter
Power generation led the gain, with sales up 84% to US$378 million and adjusted EBITDA up 33% to US$160 million. Pampa credits stronger margins on spot-market sales and on sales to private customers.
Oil and gas sales rose 11% to US$342 million, but adjusted EBITDA slipped 1% to US$170 million. A Brent hedge, a contract that fixes the oil price in advance, cut the realised price to US$55.7 a barrel.
Without the hedge, the company says, the realised price would have been US$84.0 a barrel. Oil output rose 28% to 22,100 barrels a day, led by the Rincón de Aranda shale block.
Gas output fell 6% to 13.2 million cubic metres a day. Petrochemicals swung to adjusted EBITDA of US$9 million from a loss of US$5 million.
Pampa left out US$21 million of restructuring costs in that figure. Petrochemical volumes fell 6%, partly after it closed a rubber plant.
Spending and Debt
Pampa paid US$525 million for plant and equipment in the quarter and US$1.04 billion in nine months. Net debt reached US$1.73 billion at 30 September, up from US$1.32 billion at 30 June.
The company links the rise to capital spending, cash posted as collateral for oil hedges, and the start of a urea plant. The plant costs about US$2.7 billion and is due to begin operating by the end of 2029.
Itaú, a Brazilian bank, signed a loan of up to US$300 million for the plant after quarter-end. On 2 November Pampa also issued US$220 million of bonds paying 6.50% and due in November 2030.
Live Company IntelligencePampa Energia SA ADR — the full investor dossier
The Nine-Month Picture
Over nine months, sales rose 41% to US$2.11 billion and adjusted EBITDA rose 46% to US$1.14 billion. Net profit attributable to shareholders reached US$515 million, against US$216 million a year earlier.
What It Means for You
Holders of the New York-listed shares own a company whose profit now rests on power sales as much as on oil. Hedging losses and rising debt are the lines to read in the filing.
Argentina’s electricity prices and its investment incentives shape these results. See the Argentina market report of 2 November and the Argentina hub.
Earlier coverage covers Pampa’s shale expansion plans and the Vaca Muerta investment rush. Both give context for the oil figures above.
What Is Not Known
The company’s release does not give analyst forecasts, so how far the result beat expectations is unconfirmed. The share-price reaction to the results was also not confirmed.
Management will discuss the results on a call on Tuesday, 3 November, at 10 a.m. ET. The release announces no new dividend or share buyback.
Frequently Asked Questions
How much did Pampa Energía earn in the third quarter?
Net profit attributable to shareholders was US$129 million, against US$23 million a year earlier. Sales were US$790 million, up 34%.
What does Pampa Energía do?
It generates electricity, produces oil and gas, and makes petrochemicals in Argentina. Power generation was its largest sales segment this quarter.
How can US investors own Pampa Energía?
The shares trade on the New York Stock Exchange as PAM, with each depositary receipt worth 25 ordinary shares. This is not investment advice.
Why did oil profit lag oil output?
A Brent hedge cut the realised price to US$55.7 a barrel, versus US$84.0 without it. Oil and gas adjusted EBITDA fell 1% despite 28% higher oil output.
Sources: Pampa Energía, earnings release for the third quarter of 2026, filed with the US Securities and Exchange Commission on 2 November 2026; Pampa Energía, unaudited consolidated condensed interim financial statements as of 30 September 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief