Participation in the Vaca Muerta Sur Project

Buenos Aires, December 16, 2024. Pampa Energía S.A. (‘Pampa’ or the ‘Company’; NYSE: PAM; ByMA: PAMP) announces its participation in the Vaca Muerta Sur Project (‘VMOS’) alongside YPF, Vista and PAE (collectively, the ‘Shareholders’). The project VMOS aims to build, develop, and operate a 437 km oil pipeline connecting Allen to Punta Colorada in the province of Río Negro. The pipeline will have a capacity of up to 550,000 barrels of crude oil per day (‘bpd’), expandable to 700,000 bpd, with operations expected to begin in the first half of 2027.

In addition to the oil pipeline, VMOS also includes the construction of a loading and unloading terminal with single-buoy moorings, a tank farm, and other associated facilities to facilitate exports of crude oil and liquids using Very Large Crude Carriers (‘VLCCs’).

The VMOS project will require an estimated investment of approximately US$3 billion, funded through Shareholders’ equity contributions and external financing. Pampa will hold an initial 18% stake in VMOS S.A., a company established to manage the project. This shareholding could decrease as new shareholders join. Pampa’s equity stake ensures a take-or-pay transportation contract for 50,000 bpd, along with storage and dispatch capacity.

On November 15, 2024, VMOS applied for the Incentive Regime for Large Investments (‘RIGI’), meeting the eligibility requirements outlined in the Ley Bases and Executive Order No. 749/24.

VMOS is a strategic initiative designed to streamline the evacuation and export of crude oil from Vaca Muerta, particularly from Rincón de Aranda, Pampa’s key shale oil block. The project will significantly reduce transportation costs, expand access to new markets for Argentine oil, and generate foreign currency and employment opportunities. Furthermore, it will increase Pampa’s firm transportation capacity by nine times.

For more information, please contact:

Gustavo Mariani – CEO
Nicolás Mindlin – CFO
Lida Wang – Investor relations and sustainability officer – investor@pampa.com
Josefina Espinoza Paz – Press officer – prensa@pampa.com

The Pampa Energía Building
Maipú 1, (C1084ABA), Buenos Aires, Argentina
Phone: +54 (11) 4344 6000
ri.pampa.com/en