Pampa Energia S.A. Q3 2026 Earnings Recap

Pampa Energía fell 5.8% after earnings, with the sequential decline in EBITDA and weaker oil and gas operating trends likely weighing on investors. Group EBITDA was up year-on-year, but down 4% from Q2 as oil and gas EBITDA slipped and crude oil earnings fell amid hedges and higher lifting costs.

Key Takeaways

• Adjusted EBITDA was $398 million, up 23% year-on-year but down 4% quarter-on-quarter.
• Oil and gas contributed 55% of EBITDA. Segment EBITDA was $170 million, down 7% from Q2; production averaged 99.7 thousand BOE/day, flat year-on-year.
• Gas production fell 6% year-on-year to 13.2 million cubic meters/day. Gas EBITDA was $119 million, up 6% year-on-year but down 2% sequentially.
• Crude oil EBITDA was $51 million, down 14% year-on-year and 16% from Q2, pressured by oil hedges and higher lifting costs.
• CapEx rose 85% year-on-year to $585 million, more than doubling from Q2, mainly as investment ramped up at Fértil Pampa.