Q1 results show exceptional momentum from surging oil prices and generation revenue. However, the sharp cash burn (ARS 694.9 billion decline in cash) and negative operating cash flow of ARS 330 billion warrant close monitoring of working capital and capex discipline. The RIGI project approvals (RDA and UREA) represent multi-year catalysts but require massive capital outlays. Watch for Q2 updates on Brent price trajectory, cash flow improvement, and progress on the US$200 million bond use of proceeds.
Price Chart
Executive Summary
Pampa Energy reported strong Q1 2026 results with revenue of ARS 807,831 million (up 84% YoY from ARS 438,715 million) and net profit attributable to owners of ARS 293,366 million (up 81% from ARS 161,886 million), driven by surging oil sales and generation revenue amid elevated Brent crude prices. The company also disclosed major capital projects including a US$4.5 billion RDA Project and a US$2.4 billion UREA Project under Argentina's RIGI regime, and issued US$200 million in Class 27 corporate bonds at 5.49%.
Key Facts
- Revenue of ARS 807,831 million for Q1 2026, up 84% from ARS 438,715 million in Q1 2025
- Net profit attributable to owners of ARS 293,366 million, up 81% from ARS 161,886 million
- Basic EPS of ARS 215.71, up 81% from ARS 119.03
- Oil sales surged to ARS 150,656 million from ARS 23,796 million (533% increase)
- Generation segment revenue rose to ARS 392,991 million from ARS 206,814 million (90% increase)
- Operating income of ARS 239,672 million, up 86% from ARS 128,989 million
- Share of profit from associates and joint ventures nearly doubled to ARS 93,833 million
- Cash and cash equivalents declined sharply to ARS 326,131 million from ARS 1,054,459 million at year-end 2025
- Net cash used in operating activities of ARS 330,230 million vs. ARS 93,885 million generated in Q1 2025
- Total borrowings decreased to ARS 2,599,419 million from ARS 2,753,689 million
- Issued US$200 million Class 27 corporate bonds at 5.49% fixed rate, maturing April 2029
- RDA Project (Vaca Muerta shale oil) submitted for RIGI with estimated US$4.5 billion investment
- UREA Project (fertilizer complex) submitted for RIGI with estimated US$2.4 billion investment
- Brent crude rose from ~US$60/bbl to above US$100/bbl during Q1 2026
- Export duties on crude and gas at 8% as of March 31, 2026
Financial Impact
Revenue up 84% YoY to ARS 807,831 million; net profit up 81% to ARS 293,366 million; EPS up 81% to ARS 215.71
Risk Factors
- Cash burn: cash and equivalents fell 69% from year-end 2025 to ARS 326 billion
- Negative operating cash flow of ARS 330 billion vs. positive ARS 94 billion a year ago
- Net foreign currency liability position worsened to ARS 1,846 billion (from ARS 1,312 billion)
- Petrochemicals segment swung to a loss of ARS 8 billion from a profit of ARS 42 billion
- Derivative losses of ARS 266 billion on crude oil hedges (cash flow hedges)
- Adverse court ruling in POSA arbitration: nullity appeal disallowed
- Dependence on volatile Brent crude prices and Argentine regulatory environment
- High capex commitments (US$4.5B RDA + US$2.4B UREA) may pressure balance sheet
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-002899 |
| Document: pamfs1q26ar_6k.htm | 0001292814-26-002899 |
| Document: 0001292814-26-002899-index-headers.html | 0001292814-26-002899 |
| Document: 0001292814-26-002899-index.html | 0001292814-26-002899 |
| Document: 0001292814-26-002899.txt | 0001292814-26-002899 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 13, 2026 23w ago | 6-K | $2.65 $2.65 | · 0.00% | ▲ +0.61% | $3.05 (+15.09%) |
May 13, 2026 23w ago | 6-K | $2.65 $2.65 | · 0.00% | ▲ +0.61% | $3.05 (+15.09%) |
May 8, 2026 24w ago | 6-K | $2.65 $2.65 | · 0.00% | ▲ +0.30% | $3.05 (+15.09%) |
May 7, 2026 24w ago | 6-K | $2.65 $2.65 | · 0.00% | ▼ −3.14% | $3.05 (+15.09%) |
May 6, 2026 24w ago | 6-K | $2.65 $2.65 | · 0.00% | ▼ −3.14% | $3.05 (+15.09%) |
Apr 9, 2026 28w ago | 20-F | $2.65 $2.65 | · 0.00% | ▼ −7.57% | $3.05 (+15.09%) |
Apr 7, 2026 29w ago | 6-K | $2.65 $2.65 | · 0.00% | ▼ −9.78% | $3.05 (+15.09%) |
Apr 7, 2026 29w ago | 6-K | $2.65 $2.65 | · 0.00% | ▼ −9.78% | $3.05 (+15.09%) |
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