Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 17

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 17
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 pipeline system in Latin America. It is also a leading company in producing and commercializing
NGL for domestic and export markets, conducting this business from the General Cerri Complex located in Bahía Blanca, Province
of Buenos Aires. TGS provides comprehensive solutions for natural gas and telecommunications, through its controlled company, Telcosur.
As of December 31, 2024, Pampa holds a 25.5% interest in TGS.

Description of TGS’
Business Segments

Regulated Segment:
Gas Transportation

Revenues generated by
this segment result mainly from firm natural gas transportation agreements, whereby the gas pipeline capacity is reserved and paid for
irrespective of its actual use. TGS provides interruptible services, where gas transportation is subject to the gas pipeline’s available
capacity. Moreover, TGS provides operation and maintenance services for assets allocated to the natural gas transportation service for
the expansions fostered by the Federal Government and held under trusts created for such effects. For this service, TGS receives the CAU,
which is set by ENARGAS.

In constant terms, as
of December 31, 2024, annual revenues generated by this segment amounted to U. S.$ 427 million, representing 36% of TGS’s total revenues.
These revenues evidence a 249% increase compared to 2023, mainly explained by tariff updates as of April 2024, combined with the appreciation
of the Peso in real terms. It is worth recalling that in 2024 transportation contracts on a firm basis accounted for 84% of revenues from
sales in this segment, compared to 82% in 2023. As of December 31, 2024 the total capacity hired on a firm basis amounted to 83.5 million
m3 per day, with an approximate weighted average life of 10 years. In 2024, natural gas average daily injection into the system operated
by TGS amounted to 83.4 million m3 per day, a 10% increase compared to 2023. This injection includes contributions from the Austral, Golfo
San Jorge and Neuquina Basins, and gas entering the GPM in Salliqueló which averaged 11.7 million m3 per day.

In 2024, 85 new contracts
were executed, 36 for interruptible transportation services and 49 for exchange and displacement services.

Non-Regulated Segment:
Production and Marketing of Gas Liquids

Unlike gas transportation