Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 18

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 18
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,
liquids production and commercialization are not regulated by ENARGAS. In 2024, revenues from this segment amounted to Ps. 539 million,
64% higher than those recorded in 2023, mainly due to the appreciation of the Peso in real terms and an improved price for ethane.

Liquids production and
commercialization activities are carried out at the Cerri Complex, located close to the City of Bahía Blanca and supplied by all
of TGS’s main gas pipelines. Ethane, propane, butane and natural gasoline are recovered at this complex. TGS sells liquids in both
domestic and foreign markets. In the domestic market, propane and butane are sold to reseller companies. These products and natural gasoline
are sold at international reference prices in the foreign market. Moreover, ethane is sold to Polisur at a price agreed between the parties.

In 2024, the total sold
volume amounted to 1,077 ton, a 5% decrease compared to 2023, of which 38% was exported. Out of the total sales destined for the domestic
market, 75% were made at U. S.$-denominated prices.

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The dispatch of Liquefied
Petroleum Gas was of 331,751 tons, less than the 379,544 tons dispatched in 2023, mainly to supply domestic demand and neighboring countries.
This generated improved operating margins and customer diversification. Additionally, TGS leveraged spot Liquefied Petroleum Gas export
opportunities, with substantial improvement in premiums. In 2024, TGS continued to consolidate its position in Brazil, aiming to make
direct seaborne sales of Liquefied Petroleum Gas to Brazilian distributors in 2025.

Natural Gas Liquids are
produced and commercialized and supplied by all of TGS’s main gas pipelines. Ethane, propane, butane and natural gasoline are extracted
at Cerri and sold at local and export markets. Propane and butane are sold to fractionating companies in Argentina, whereas they are sold
at international prices together with natural gasoline for foreign markets. Moreover, ethane is sold to Polisur at a price agreed between
the parties.

Regarding the domestic
market, in 2024, TGS continued participating in the Household Gas Bottles’ Program and the Propane for Grids Agreement with regulated
prices. By participating in these programs, T