Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 32

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 4
Chunk 32
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Item 4. Information on the Company— Our Business— Relevant Events— Strategic Divestments.

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  Table of Contents  

OUR BUSINESS

Overview

We are an Argentine energy company,
participating mainly in the production of oil and gas and power generation. As of December 31, 2024, we and our joint ventures and affiliates
are engaged in the generation and transmission of electricity, exploration, production, commercialization and transportation of oil and
gas, and production of petrochemical products:

Note: As of December 31, 2024. Numbers are rounded,
so they may not sum up. CTEB, Transener and TGS are affiliates, which under IFRS are not consolidated in the financial statements. 1)
Average 2024 production. It includes 0.9 kbbl of crude oil produced in Gobernador Ayala, assigned to Pluspetrol in October 2024.2) It
includes 847 MW at CTEB.

Oil and GasWe are engaged in the oil
and gas business through the exploration and exploitation of direct interests blocks located in Argentina, with operations in 11 production
blocks, 2 exploratory blocks and 688 productive wells. The Company is the fifth-largest gas producer with 9% of the country’s gas
output and the third-largest shale gas producer with 8% market share.

  As of December 31, 2024, our combined crude oil                                                                                           
  and natural gas proved reserves amounted to approximately 231.2 million boe, 55% of which were proved developed reserves. Natural gas     
  accounted for approximately 93% of our combined proved reserves and liquid hydrocarbons for 7%. 57% of our combined proved reserves come  
  from shale formations, mainly in Sierra Chata, El Mangrullo and Rincón de Aranda; and                                                     
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  As of December 31, 2024, our combined oil and                                                                                          
  gas production in Argentina averaged 78.2 thousand boe per day. Crude oil accounted for approximately 4.8 thousand boe per day, while  
  natural gas accounted for approximately 73.4 thousand boe per day.                                                                     
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Our oil and gas business segment
recorded U