Pampa Energia is Argentina's largest independent integrated energy company, with four pillars: a growing Vaca Muerta upstream business (predominantly shale/tight gas at El Mangrullo and Sierra Chata, plus a fast-ramping shale-oil project at Rincon de Aranda), a ~5 GW thermal and wind power generation fleet, a styrenics-led petrochemicals unit, and co-controlling stakes in the TGS gas-transmission and Transener power-transmission networks. FY2025 revenue rose ~7% to ~US$2.0bn with EBITDA around US$0.8bn (Pampa's headline adjusted EBITDA including affiliates is higher).
The equity story is upstream growth funded by cash from regulated/contracted power, but intrinsic value is spread across power, petrochemicals and midstream stakes rather than concentrated in reserves. Aggressive capex (~US$1bn in FY2025, led by Rincon de Aranda) has turned free cash flow negative and Pampa retains rather than distributes cash. Leverage is moderate (net debt ~US$0.8bn, D/E ~0.5x). The ADR trades on NYSE with local shares on BYMA; the stock re-rated sharply in 2024-25 on Argentine reform optimism and Vaca Muerta volume growth.
Its EV/EBITDA of 5.7x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of -4.3% is lower than the 6.5% median, and at $19.46/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Pampa Energia scores 35/100, strongest on growth (58/100). Sub-scores: value 33, quality 39, growth 58, risk 75 (higher = riskier).
Pampa Energia holds approximately 0.3 billion boe of proved (1P) reserves with FY2025 production of about 84 thousand boe/d (19% liquids), a reserve life of roughly 9.6 years. Break-even: ~$40 (Vaca Muerta gas/oil breakeven) — Rincon de Aranda shale-oil half-cycle breakeven ~US$40/bbl; core Neuquen shale gas is cost-competitive at ~US$2.5-3/MMBtu under Plan Gas contracts
For Pampa Energia, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Argentina | 100% | 80 | FX controls, export taxes, macro instability despite Vaca Muerta upside. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Rincon de Aranda | Argentina | Shale oil | Flagship Vaca Muerta shale-oil development ramping toward ~45 kbbl/d; main driver of upstream growth and capex |
| El Mangrullo | Argentina | Shale/tight gas | Core Neuquen gas block; large low-cost gas supplier under Plan Gas contracts |
| Sierra Chata | Argentina | Shale gas | Vaca Muerta gas block supplying Plan Gas volumes |
| Thermal power fleet | Argentina | Power generation | ~5 GW of CCGT/thermal capacity (Genelba, CTLL, others) under PPAs and spot |
| Wind farms (PEPE I-VI) | Argentina | Renewables | ~450 MW of operating wind capacity supplying industrial customers and MATER market |
| Petrochemicals (styrenics) | Argentina | Petrochemicals | Styrene, SBR and polystyrene plants; leading Argentine styrenics producer |
| TGS (stake) | Argentina | Gas midstream | ~29% indirect stake in Transportadora de Gas del Sur, key Vaca Muerta gas transport and liquids operator |
| Transener (stake) | Argentina | Power transmission | Co-control of Argentina's high-voltage electricity transmission grid operator |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 55 | 60 | 62 | 72 | 84 |
| Proved reserves (bnboe) | 0.28 | 0.30 | 0.31 | 0.33 | 0.30 |
| Revenue ($bn) | 1.5 | 1.8 | 1.7 | 1.9 | 2.0 |
| EBITDA ($bn) | 0.7 | 0.8 | 0.7 | 0.7 | 1.0 |
| Net income ($bn) | 0.6 | 0.5 | 0.6 | 0.6 | 0.4 |
| Free cash flow ($bn) | 0.5 | 0.2 | -0.2 | -0.0 | -0.2 |
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✓ FY2025 figures verified against primary sources: