Pampa Energía is one of Argentina's largest integrated energy companies, with operations spanning oil and gas E&P, power generation, petrochemicals, and midstream infrastructure. The two core businesses are E&P and power generation. In E&P, Pampa is Argentina's fifth-largest gas producer, with assets concentrated in the Neuquén basin. Most gas is sold under Plan Gas.Ar long-term government contracts, providing stable USD-denominated revenue. Pampa is now pivoting toward shale oil through its Rincón de Aranda block, which ramped from under 1,000 bbl/day to ~20,000 bbl/day in FY25 and targets a ~45,000 bbl/day plateau by 2027, backed by a ~$770M CapEx budget in 2026 alone. In power generation, Pampa is Argentina's largest independent power producer with 5,472 MW of installed capacity, earning revenue through capacity payments under long-term take-or-pay agreements and spot energy sales. A key advantage is vertical integration: Pampa supplies its own gas-fired plants with E&P production, capturing fuel margin directly. In petrochemicals, Pampa is the sole Argentine producer of styrene, polystyrene, and SBR, though the segment is cyclical and faces import competition. Pampa also holds equity stakes in TGS (gas pipelines) and Transener (high-voltage transmission), both regulated utilities. Key growth initiatives include the Rincón de Aranda oil ramp, a 20% stake in Argentina's first floating LNG facility targeting first exports in late 2027, and expanding bilateral power contracts as Argentina deregulates its electricity market.