Transportadora de Gas del Sur (TGS) is Argentina's largest natural gas pipeline operator, moving more than 60% of Argentina's total natural gas through a 5,746-mile network that connects southern and western producing basins to Buenos Aires and southern Argentina. TGS does not buy or sell gas — it charges tariffs to shippers for use of its pipelines. About 81% of transportation revenues come from firm, take-or-pay contracts with a weighted average remaining life of roughly 11 years, providing strong revenue visibility. Tariffs are regulated by ENARGAS and peso-denominated, so their real value depends on whether adjustments keep pace with inflation; since 2024, tariffs have been adjusted monthly against price indices. Beyond transportation, TGS operates the Cerri Complex in Bahía Blanca, where it extracts and sells LPG, ethane, and natural gasoline from gas flowing through its pipelines — a segment whose revenues are effectively USD-linked given international pricing. TGS also provides midstream gas gathering and conditioning services in the Vaca Muerta unconventional formation. The key structural feature of the business is that roughly half of revenues are USD-linked while most costs are peso-denominated, creating natural FX sensitivity. TGS's primary growth initiatives include a ~$780M expansion of pipeline capacity connecting Vaca Muerta to Buenos Aires, and a ~$2.9B NGL processing project at Tratayén in Vaca Muerta, where TGS aims to fractionate liquids at the wellhead rather than transporting raw gas to Cerri.