Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 19

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 19
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GS is forced to sell at prices ostensibly lower than market prices, and the Federal Government
is required to reimburse TGS an Ps. denominated economic compensation. Outside these programs, TGS sold 160,697 tons of propane and 2,828
tons of butane, mainly to fractionating companies and, to a lesser extent, to the propellant and automotive industries.

The agreement with Polisur
for the sale of ethane is still in force, with improvements in the ToP clause (annual compliance), which ensured TGS increased sales volumes
during the first 5 years of the contract. However, ethane sales decreased to 309,894 tons, compared to 394,370 tons in 2023, mainly due
to operational difficulties at PBB and the overhaul of the Cerri Complex.

As for gas arriving at
the Cerri Complex for processing, a slight decrease compared to 2023 was recorded, attributed to lower production in the Austral Basin.
The Neuquina Basin has maintained stable volumes with greater gas wealth, offsetting the decline in the Austral Basin.

As informed to the market
by TGS, on March 7, 2025 intense rainfall occurred in the city of Bahía Blanca and surrounding areas, causing flooding throughout
the urban area and its surroundings. Such event caused the Saladillo García stream to overflow, directly impacting the Cerri Complex,
completely affecting liquid production and partially affecting public natural gas transportation. Further, on March 28, 2025, TGS informed
that operations were partially re-established for natural gas transportation and works were being carried out to promptly restart production
on Complex Cerri.

Non-Regulated TGS’
Segment: Other Services

The midstream segment is
not subject to ENARGAS regulation. In this segment, TGS provides services mainly including treatment, impurity separation and gas compression,
gas extraction and transportation in fields, construction, inspection and maintenance of compression plants and gas pipelines, and steam
generation services to produce electricity. This segment also includes revenues from telecommunication services provided through the subsidiary
Telcosur.

This segment represented
18% of TGS’s total 2024 revenues totaling U. S.$ 215 million, a 97% increase compared to 2023, mainly due to natural gas transportation
and conditioning services at Vaca Muerta.

Since 2018, TGS has focused
on being a leading provider of integrated services and a key player in the country’s energy development, having invested