Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 15

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 15
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  Sales 2023 (GWh)                4,470       547        606        274        265       8,224         4,236  
  Net Generation 2022             5,103       225      1,209        321        308       7,746           948  
  Variation Net Generation        (12)%        0%      (50)%      (15)%      (14)%        (3)%          347%  
  Sales 2022 (GWh)                5,103       469      1,209        321        308       8,571           948  
  In U. S.$/MWh                                                                                               
  Avg. Price 2024                    20        54        124          -          -          38            30  
  Avg. Price 2023                    19        65         49        135        110          37            30  
  Avg. Gross Margin                  17        21         24          -        142          19            24  
  Avg. Gross Margin                  15        20          6        107         86          20            23  

Sources: Pampa Energía S. A. and CAMMESA.

Note: Gross margin before amortization
and depreciation. All figures have been subject to rounding, so figures shown as totals may not add up. (1)

  59  

  Table of Contents  

Our Petrochemicals Business

The petrochemicals segment is
vertically integrated into our gas operations, allowing us to maximize the value chain and consolidate our position in the styrenics market.
Our products include octane bases for gasoline, benzene, aromatic solvents, hexane and other hydrogenated paraffinic solvents, propellants
for the cosmetic industry, styrene monomer, rubber and polystyrene for markets in Argentina and abroad.

The performance of this segment
is influenced by global supply and demand. Pampa is the only Argentine producer of styrene monomer, polystyrene and elastomers, and the
only integrated manufacturer transforming oil and gas into plastics. As part of the integration strategy, we use our benzene production
to obtain styrene, which in turn is used in the production of polystyrene and SBR.

The petrochemicals division has the following
assets:

  an integrated