Pampa Energía (NYSE:PAM) reported a substantial increase in first-quarter adjusted EBITDA, reaching $325 million in Q1 2026, a 48% increase year-over-year and 41% from the previous quarter. This growth was mainly driven by record oil and gas production, particularly from the Rincón de Aranda shale oil project, which accounted for 17% of the total quarterly EBITDA, marking an eightfold increase from last year.
Total production surpassed 100,000 barrels of oil equivalent per day, a quarterly record, driven by sustained ramp-up at Rincón de Aranda and increased gas output. Average production at the Rincón de Aranda field reached 18,200 barrels per day across 43 wells, with plans to connect an additional 20 wells by mid-2026 to achieve a 20,000-barrel-per-day milestone. Gas production grew to nearly 14 million cubic meters per day, a 17% rise year-over-year, significantly bolstered by exports, particularly to Chile.
Pampa’s power generation segment also performed well, reporting adjusted EBITDA of $144 million, up 11% from a year earlier due to better margins under new market regulations. Capital expenditures rose 36% to $242 million in Q1, as the company continues to invest heavily in Rincón de Aranda. Gross debt stood at nearly $1.9 billion as of March, with expectations that leverage will remain around 1.5 times adjusted EBITDA this year while gradually decreasing.
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