Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 34

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 5
Chunk 34
---
Item 5. Operating and Financial Review and Prospects.

” Some of the matters discussed herein concerning our business
operations and financial performance include estimates and forward-looking statements within the meaning of the U. S. Securities Act of
1933, as amended (the “ Securities Act”) and the U. S. Securities Exchange Act of 1934, as amended (the “ Exchange Act”).

Our estimates and forward-looking
statements are mainly based on our current expectations and estimates of future events and trends that affect or may affect our business
and results of operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions,
they are subject to several risks and uncertainties and are made in light of information currently available to us.

Our estimates and forward-looking
statements may be influenced by the following factors, among others:

  general economic, business, social and political                                                                                       

  government interventions, resulting in changes                                                                                                

  the policies of the new administration in Argentina,                                                                                   

  the failure of governmental authorities to approve                  

  changes in the laws and regulations applicable  
  to the energy sector in Argentina;              
 ──────────────────────────────────────────────────

  uncertainties relating to future government approvals                           

  the availability of financing at reasonable terms  

  export limitations to our production;  

  import restrictions on consumables that are key  

  more severe restrictions on the ability to exchange         
  Pesos into foreign currencies or to transfer funds abroad;  
 ──────────────────────────────────────────────────────────────

  the effect of steep local currency depreciation  

  changes in the price of hydrocarbons and their  
  derivatives;                                    
 ──────────────────────────────────────────────────

  competition in the hydrocarbon sector and related  

  changes in the price of electricity and other  
  related services;                              
 ─────────────────────────────────────────────────

  electricity shortages;  

  competition in the electricity sector, public  

  cybersecurity events, including potential cyberattacks;  

  armed conflict, acts of terrorism or civil unrest;  

  climate change and severe weather events;  
 ─────────────────────────────────────────────

  obsolescence of products manufactured in our  

  the volume of crude                                    

  our ability to renew  

  the ability to develop                                  

  our ability to develop our expansion projects  

  changes to our reserves  
  estimates;               
 ───────────────────────────

  tariff updates;  

  changes to our capital expenditure plans; and  
 ─────────────────────────────────────────────────