Pampa Energy Inc. Files 20-F for Fiscal Year Ended December 31, 2023

Ticker: PPENF · Form: 20-F · Filed: Apr 30, 2024 · CIK: 1469395

Pampa Energy Inc. 20-F Filing Summary
FieldDetail
CompanyPampa Energy Inc. (PPENF)
Form Type20-F
Filed DateApr 30, 2024
Risk Levellow
Pages15
Reading Time17 min
Sentimentneutral

Sentiment: neutral

Topics: Pampa Energy, 20-F, Annual Report, Energy Sector, Financials

TL;DR

<b>Pampa Energy Inc. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and business operations.</b>

AI Summary

Pampa Energy Inc. (PPENF) filed a Foreign Annual Report (20-F) with the SEC on April 30, 2024. Pampa Energy Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at Maipu 1, City of Buenos Aires, C1084ABA, Argentina. Pampa Energy Inc. is classified under the SIC code 4911 for Electric Services. The filing was submitted on April 30, 2024.

Why It Matters

For investors and stakeholders tracking Pampa Energy Inc., this filing contains several important signals. This filing provides investors and stakeholders with a comprehensive overview of Pampa Energy's financial health and strategic direction for the 2023 fiscal year. As a publicly traded company, Pampa Energy's 20-F filing is crucial for regulatory compliance and transparency in the energy sector.

Risk Assessment

Risk Level: low — Pampa Energy Inc. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate material changes or negative news, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and management discussion within the 20-F to understand Pampa Energy's performance and outlook for the upcoming year.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed period of report)
  • 2024-04-30 — Filing Date (Date the 20-F was filed)
  • 4911 — SIC Code (Standard Industrial Classification for Electric Services)

Key Players & Entities

  • Pampa Energy Inc. (company) — Filer of the 20-F
  • Maipu 1 (location) — Street address of Pampa Energy Inc.
  • City of Buenos Aires (location) — City of Pampa Energy Inc.'s address
  • C1084ABA (location) — ZIP code of Pampa Energy Inc.'s address

FAQ

When did Pampa Energy Inc. file this 20-F?

Pampa Energy Inc. filed this Foreign Annual Report (20-F) with the SEC on April 30, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by Pampa Energy Inc. (PPENF).

Where can I read the original 20-F filing from Pampa Energy Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Pampa Energy Inc..

What are the key takeaways from Pampa Energy Inc.'s 20-F?

Pampa Energy Inc. filed this 20-F on April 30, 2024. Key takeaways: Pampa Energy Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal executive offices are located at Maipu 1, City of Buenos Aires, C1084ABA, Argentina..

Is Pampa Energy Inc. a risky investment based on this filing?

Based on this 20-F, Pampa Energy Inc. presents a relatively low-risk profile. The filing is a standard annual report (20-F) and does not contain immediate material changes or negative news, indicating a routine disclosure.

What should investors do after reading Pampa Energy Inc.'s 20-F?

Review the detailed financial statements and management discussion within the 20-F to understand Pampa Energy's performance and outlook for the upcoming year. The overall sentiment from this filing is neutral.

How does Pampa Energy Inc. compare to its industry peers?

Pampa Energy Inc. operates within the electric services industry, a sector critical for energy infrastructure and distribution.

Are there regulatory concerns for Pampa Energy Inc.?

As a foreign private issuer, Pampa Energy Inc. files its annual reports on Form 20-F, adhering to SEC regulations for companies incorporated outside the United States.

Industry Context

Pampa Energy Inc. operates within the electric services industry, a sector critical for energy infrastructure and distribution.

Regulatory Implications

As a foreign private issuer, Pampa Energy Inc. files its annual reports on Form 20-F, adhering to SEC regulations for companies incorporated outside the United States.

What Investors Should Do

  1. Analyze the financial statements within the 20-F for revenue, expenses, and profitability trends.
  2. Review the business overview section to understand Pampa Energy's operations, strategy, and market position.
  3. Examine any disclosed risk factors or legal proceedings that could impact the company's future performance.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
  • 2024-04-30: Filing Date — The date Pampa Energy Inc. submitted its 20-F to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023, following the previous 2023-04-30 filing for the fiscal year 2022.

Filing Stats: 4,364 words · 17 min read · ~15 pages · Grade level 12.3 · Accepted 2024-04-30 08:29:09

Filing Documents

RISK FACTORS

RISK FACTORS 7 Item 4. Information on the Company 38 HISTORY AND DEVELOPMENT OF THE COMPANY 38 OUR BUSINESS 39 Organizational structure 45 Our Generation Business 46 Our Oil and Gas Business 53 Our Petrochemicals Business 66 Our Holding and Other Business 67 Quality, Health, Safety and Environment 71 Corporate Responsibility 73 Property, Plant and Equipment 75 Insurance 75 Patents and Trademarks 75 THE ARGENTINE ENERGY SECTOR 76 Item 4A. Unresolved Staff Comments 107 Item 5. Operating and Financial Review and Prospects 107 Item 6. Directors, Senior Management and Employees 131 Item 7. Major Shareholders and Related Party Transactions 144 Item 8. Financial Information 146 CONSOLIDATED FINANCIAL STATEMENTS 146

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 146 DIVIDENDS 150 SIGNIFICANT CHANGES 151 Item 9. The Offer and Listing 151 TRADING HISTORY 151 THE ARGENTINE SECURITIES MARKET 152 Item 10. Additional Information 159 MEMORANDUM AND ARTICLES OF ASSOCIATION 159 MATERIAL CONTRACTS 165 EXCHANGE CONTROLS 166 TAXATION 171 DOCUMENTS ON DISPLAY 180 Item 11.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 181 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 181 Item 13. Defaults, Dividend Arrearages and Delinquencies 182 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 182 Item 15.

Controls and Procedures

Controls and Procedures 182 Item 16A. Audit Committee Financial Expert 184 Item 16B. Code of Ethics 184 Item 16C. Principal Accountant Fees and Services 184 Item 16D. Exemptions from the Listing Standards for Audit Committees 185 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 185 Item 16F. Change in Registrant's Certifying Accountant 185 Item 16G. Corporate Governance 185 Item 16H. Mine Safety Disclosure 190 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 190 Item 16J. Insider Trading Policies. 190 Item 16K. Cybersecurity. 190 Item 17.

Financial Statements

Financial Statements 191 Item 18.

Financial Statements

Financial Statements 191 Item 19. Exhibits 191 Table of Contents PRESENTATION OF INFORMATION This document comprises Pampa's annual report on Form 20-F for the year ended December 31, 2023. This annual report was approved by our Board of Directors by resolution following its meeting held on April 26, 2024. In this annual report, we use the terms "we", "us", "our", "registrant" and the "Company" to refer to Pampa and its subsidiaries. Financial Information This annual report contains our audited consolidated statements of financial position as of December 31, 2023 and 2022, and the related consolidated statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2023, and the notes thereto (the "Consolidated Financial Statements"). Our Consolidated Financial accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (the "IASB"). The Consolidated Financial Statements included in this annual report have been approved by resolution of the Board of Directors' meeting of the Company held on March 6, 2024 and by the Shareholder's meeting held on April 29, 2024. The Consolidated Financial whose report is included in this annual report. Consistent with Item 18 of Form 20-F, we provide the disclosure required under Accounting Standards Codification ("ASC") 932 of the Financial Accounting Standards Board (the "FASB") relating to extractive activities—Oil and Gas (formerly, FASB Statement of Financial Accounting Standards No. 69—Disclosures about Oil and Gas Producing Activities) ("ASC Topic 932"), as is required regardless of the basis of accounting on which we prepare our financial

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report contains estimates and forward-looking statements, principally in " Item 3. Risk Factors ," " Item 4. Our Business " and " Item 5. Operating and Financial Review and Prospects. " Some of the matters discussed herein concerning our business operations and financial performance include estimates and forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended (the "Securities Act") and the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our estimates and forward-looking and results of operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to us. Our estimates and forward-looking statements may be influenced by the following factors, among others: - general economic, business, social and political conditions in Argentina, and any possible changes and/or deterioration in such conditions, and other regions where we, our associates or joint ventures operate, such as the rate of economic growth, fluctuations in exchange rates of the Peso or inflation; - government interventions, resulting in changes in the economy, taxes, tariffs, the regulatory framework or environmental matters, or in the delay or withholding of governmental approvals; - the failure of governmental authorities to approve proposed measures or transactions described in this annual report; - changes in the laws and regulations applicable to the energy sector in Argentina; - uncertainties relating to future government approvals or legal actions, such as provisional remedies, that could affect our tariffs; - the availability of financing at reasonable terms to Argentine companies, such a

Identity

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key

Item 3. Key Information EXCHANGE RATES Exchange Rates The following table sets forth the high, low, average and period-end exchange rates for the periods indicated, expressed in Pesos per U.S. Dollar and not adjusted for inflation. There can be no assurance that the Peso will not depreciate or appreciate again in the future. The Federal Reserve Bank of New York does not report a noon buying rate for Pesos. Exchange rates (1) (in Pesos per U.S. Dollars) High Low Average (2) Period end Year ended December 31, 2019 60.400 36.900 48.234 59.890 2020 84.150 59.815 70.599 84.150 2021 102.720 84.700 95.161 102.720 2022 177.160 103.000 130.810 177.160 2023 808.450 178.150 295.295 808.450 Month January 2024 826.400 810.700 818.314 826.400 February 2024 842.200 826.900 834.795 842.200 March 2024 858.000 842.500 850.184 858.000 April 2024 (3) 875.000 861.000 868.028 875.000 Source : Banco Nacin (1) Represents the average of exchange rates on the last day of each month during the period. (2) Average of the lowest and highest daily rates in the month . (3) Represents the average of the lowest and highest daily rates from April 1 through April 26, 2024. Pursuant to Argentine law, in the case that we pay dividends, we are required to determine the amount in Pesos. Exchange rate fluctuations will affect the U.S. Dollar amounts received by holders of American Depositary Shares, on conversion by us or by the depositary of cash dividends on the shares represented by such ADSs. Fluctuations in the exchange rate between the Peso and the U.S. Dollar will affect the U.S. Dollar equivalent of the Peso price of our shares on the BASE and, as a result, can also affect the market price of our ADSs. 6 Table of Contents

RISK FACTORS

RISK FACTORS The following summarizes some, but not all, of the risks provided below. Please carefully consider all of the information discussed in this Item 3.D. " Risk Factors " in this annual report for a more thorough description of these and other risks: Risks Related to Argentina The Argentine economy is vulnerable and any significant decline may adversely affect our business, operational results and financial condition Economic and political developments in Argentina, and future policies of the Argentine Government may adversely affect the Argentine economy and the sectors in which we perform our activities Exchange rate volatility may adversely affect the Argentine economy If high levels of inflation continue, the Argentine economy and our operational results could be adversely affected Argentina's ability to obtain financing from international markets could be limited, which may impair its ability to implement reforms and foster economic growth and, consequently, affect our business, results of our operations and growth prospects Argentine corporations may be restricted from making payments in foreign currencies or from importing certain products Argentine public expenditure may generate negative consequences for the Argentine economy Failure to adequately address actual and perceived risks of institutional deterioration and corruption may adversely affect Argentina's economy and financial condition The operating costs of the Company could increase as a result of the promotion or adoption of certain measures by the Argentine Government as well as pressure from union sectors The Argentine Government has intervened in the electricity sector in the past, and may continue intervening to adopt, among others, measures in connection with tariffs on public services and there is no certainty regarding the effects that such measures will have on our business operations, financial condition or results of operations The Argentine economy is vuln

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