Pampa Energía's second-quarter sales rose 53% from a year earlier to $746 million, lifted by new rules deregulating Argentina's wholesale power market and by a near-tripling of the company's crude oil output. The company, which trades as NYSE: PAM and on the Buenos Aires Stock Exchange as PAMP, describes its business as spanning oil, gas and electricity in Argentina. It reported the results Aug. 4, 2026, for the quarter and six-month period ended June 30, 2026.
The new power market framework boosted spot energy prices and business-to-business power sales, while gas sales to power generators increased and Reformer prices strengthened. Lower volumes under the Plan Gas program and in petrochemicals partly offset the gains. The quarter also reflected the continued ramp-up of Pampa's Rincón de Aranda project, alongside strong power generation supported by higher seasonal spot prices and integration between its gas upstream and power businesses.
For the six months ended June 30, sales reached $1.319 billion, up from $900 million a year earlier.
Production and prices
Total oil and gas production rose 28% to 107.5 thousand barrels of oil equivalent per day in the quarter, from 84.1 a year earlier. Crude oil production nearly tripled to 23.4 thousand barrels per day from 8.0 thousand, a 194% increase, while gas production rose 10% to 84.1 thousand barrels of oil equivalent per day.
Average realized gas prices rose 15% to $4.6 per million British thermal units. Average oil prices, net of export duties and quality and logistics discounts, fell 4% to $58.8 per barrel.
Power generation rose 14% to 5,363 gigawatt-hours, and the gross margin on power widened 30% to $33.6 per megawatt-hour. Petrochemical volumes sold fell 24% to 95,000 tons, even as the average price per ton rose 49% to $1,459.
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Oil and gas production (kboe/d) | 107.5 | 84.1 | +28% |
| Crude oil production (kbpd) | 23.4 | 8.0 | +194% |
| Average gas price ($/MBTU) | 4.6 | 4.0 | +15% |
| Average oil price ($/bbl) | 58.8 | 61.6 | -4% |
| Power generation (GWh) | 5,363 | 4,704 | +14% |
Earnings and debt
Adjusted EBITDA totaled $415 million, up 75% from a year earlier. Pampa credited the increase to a bigger contribution from its Rincón de Aranda project and to closer integration between its power and gas businesses. Wider margins on spot and business-to-business power sales added to the gain, partly offset by lower realized crude oil prices tied to hedging.
Net income attributable to shareholders reached $172 million, 4.3 times the $40 million reported in the second quarter of 2025. Pampa linked the increase to stronger operating margins and a lower income tax charge, partly offset by smaller gains on financial instruments.
Net debt stood at $1.3 billion as of June 2026, up from $801 million at the end of December 2025. Pampa attributed the rise to higher capital spending on Rincón de Aranda and increased collateral requirements tied to its oil hedging.
