Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 0

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 0
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Item
3. Key Information— Risk Factors

.”

The
following table sets forth the breakdown of our total proved reserves of liquid hydrocarbons and natural gas into proved developed and
proved undeveloped reserves as of December 31, 2024, 2023 and 2022:

                                                  2024                                                 2023                                                 2022                                  
                                   Millions of boe (1)      % of total proved reserves      Millions of boe      % of total proved reserves      Millions of boe      % of total proved reserves  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Proved developed reserves                      128.0                           55.4%                128.4                           64.5%                110.0                           61.3%  
  Proved undeveloped reserves                    103.2                           44.6%                 70.6                           35.5%                 69.4                           38.7%  
  Total Proved Reserves                          231.2                          100.0%                199.0                          100.0%                179.4                          100.0%  

Note: Totals may not exactly
equal the sum of the individual entries because of rounding.

During
2024, a total of nineteen “gross wells” were completed and three wells finished plug rotation and flowback in January 2024
in the El Mangrullo, Sierra Chata, Rincón de Aranda, Río Neuquén and Aguaragüe areas. Thirteen wells from El
Mangrullo and Río Neuquén were changed from proved undeveloped reserves to proved developed reserves.

Estimated
reserves were subject to economic evaluation to determine their economic limits. Estimated reserves in Argentina are stated before royalties
since royalties have the same impact as taxes on production and are not paid in kind, and therefore are treated as operating costs.

Reserves Evolution

The
table below sets forth total proved reserves and proved developed reserves of crude oil, condensate and natural gas liquids, and reserves
of natural gas, at the dates indicated. This table includes our net share of the proved reserves of our joint operations and associates:

                                                                               Crude oil, condensate and natural gas liquids                      Natural gas                
                                                                                                                   Argentina                                       Combined  
                                                                                                   (in thousands of barrels)      (in millions of cubic feet