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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[_]REGISTRATION
STATEMENT [x]ANNUAL REPORT [_]TRANSITION REPORT [_]SHELL COMPANY REPORT
FORM 20-F
ANNUAL REPORT PURSUANT TO SECTION 13 OR
15(d)
OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 2021
Commission File Number: 001-34429
PAMPA
ENERGíA S.A.
(Exact name of registrant as specified in its charter)
Pampa
Energy Inc.
(Translation of registrant’s name into English)
Argentina
(Jurisdiction of incorporation or organization)
Maipú 1
C1084ABA, City of Buenos Aires
Argentina
(Address
of principal executive offices)
María Carolina
Sigwald
Maipú 1
C1084ABA, City of Buenos Aires
Argentina
Tel.: + 54 11 4344 6000 / Fax: + 54 11 4344 6473
(Name, telephone,
e-mail and/or facsimile number and address of company contact person)
Securities registered or to be registered pursuant
to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange
on which registered |
Common Stock
American Depositary
Shares, each representing
25 shares of common
stock, par value Ps.1.00 per share |
PAM |
New York Stock Exchange*
New York Stock Exchange |
* Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. |
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each
of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
1,382,527,041 outstanding shares
of common stock, par value Ps.1.00 per share, excluding 3,878,939 treasury shares.
|
Indicate by check mark if the registrant is
a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
If this report is an annual or transition
report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934.
Indicate by check mark whether the registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements
for the past 90 days.
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large
accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
(Check one):
Large Accelerated Filer |
x |
Accelerated Filer |
¨ |
Non-Accelerated Filer |
¨ |
Emerging Growth Company |
¨ |
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act. ¨
† The term “new or revised financial
accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation
to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the
Sarbanes-Oxley Act (§ 15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x
Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP ¨ |
International Financial Reporting Standards as issued by the International Accounting Standards Board x |
Other ¨ |
If “Other” has been checked in
response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
Indicate by check mark whether the registrant is
a shell company (as defined in Rule 12b-2 of the Exchange Act).
TABLE
OF CONTENTS
PRESENTATION OF INFORMATION
This document comprises the
annual report on Form 20-F for the year ended December 31, 2021 of Pampa, that has been approved by resolution of the Board of Directors
meeting of Pampa held on April 29, 2022. In this annual report, we use the terms “we”, “us”, “our”,
“registrant” and the “Company” to refer to Pampa and its subsidiaries.
Financial Information
This annual report contains
our audited consolidated statements of financial position as of December 31, 2021 and 2020, and the related consolidated statements of
comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2021, and the notes
thereto (the “Consolidated Financial Statements”). The Consolidated Financial Statements have been audited by Price Waterhouse
& Co. S.R.L., an independent registered public accounting firm in Buenos Aires, Argentina whose report is included in this annual
report. Price Waterhouse & Co. S.R.L. is a member of the network of member firms of PricewaterhouseCoopers International Limited network.
Our Consolidated Financial
Statements are set forth in Item 18 beginning on page F-1 of this annual report. Our Consolidated Financial Statements are prepared in
accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board
(the “IASB”). The Consolidated Financial Statements included in this annual report have been approved by resolution of the
Board of Directors’ meeting of the Company held on March 10, 2022.
Consistent with Item 18
of Form 20-F, we provide the disclosure required under Accounting Standards Codification (“ASC”) 932 of the Financial Accounting
Standards Board (the “FASB”) relating to extractive activities—Oil and Gas (formerly, FASB Statement of Financial Accounting
Standards No. 69—Disclosures about Oil and Gas Producing Activities) (“ASC Topic 932”), as is required regardless of
the basis of accounting on which we prepare our financial statements.
Functional and Presentation Currency
The
information included in the Consolidated Financial Statements has been recorded in the functional currency of the Company, which is the
currency of the primary economic environment in which the Company operates. The Company’s functional currency is U.S. Dollars, which
is also the presentation currency.
The
results and financial position of subsidiaries, joint ventures and associates that have a different functional currency have been translated
into the Company’s functional currency and the results from the translation process have been recognized in “Other Comprehensive
Income (loss)”. For more information, see Note 4.3 to our Consolidated Financial Statements.
Rounding
Certain figures included
in this annual report (including percentage amounts) have been subject to rounding adjustments. Accordingly, certain totals may therefore
not precisely equal the sum of the numbers presented.
FORWARD-LOOKING STATEMENTS
This annual report contains
estimates and forward-looking statements, principally in “Item 3. Risk Factors,” “Item 4. Our Business”
and “Item 5. Operating and Financial Review and Prospects.” Some of the matters discussed herein concerning our business
operations and financial performance include estimates and forward-looking statements within the meaning of the U.S. Securities Act of
1933, as amended (the “Securities Act”) and the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Our estimates and forward-looking
statements are mainly based on our current expectations and estimates on future events and trends that affect or may affect our business
and results of operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions,
they are subject to several risks and uncertainties and are made in light of information currently available to us.
Our estimates and forward-looking
statements may be influenced by the following factors, among others:
| - | the availability of financing at reasonable terms
to Argentine companies, such as us; |
| - | uncertainties relating to future government approvals
or legal actions, such as provisional remedies, that could affect our tariffs; |
| - | changes in the price of hydrocarbons and their
derivatives; |
| - | changes in the price of power and other related
services; |
| - | the volume of crude
oil, natural gas and derivatives we produce and sell; |
| - | our ability to renew
certain concessions; |
| - | the ability to develop
and monetize conventional and unconventional reserves; |
| - | our ability to develop our expansion projects
and to win awards for new potential projects; |
| - | changes to our reserves
estimates; |
| - | the treatment of the tariff update according
to RTI; |
| - | changes in the laws and regulations applicable
to the energy sector in Argentina; |
| - | government interventions, resulting in changes
in the economy, taxes, tariffs, the regulatory framework or environmental matters, or in the delay or withholding of governmental approvals; |
| - | general economic, social and political conditions
in Argentina, and other regions where we, our subsidiaries, associates or joint ventures operate, such as the rate of economic growth,
fluctuations in exchange rates of the Peso or inflation; |
| - | more severe restrictions on the ability to exchange
Pesos into foreign currencies or to transfer funds abroad; |
| - | competition in the electricity sector, public
utility services and related industries; |
| - | competition in the hydrocarbon sector and related
industries; |
| - | obsolescence of products manufactured in our
petrochemical facilities; |
| - | export limitations to our production; |
| - | import restrictions on consumables that are key
for the maintenance of our assets; |
| - | the impact of high rates of inflation on our
costs; |
| - | the effect of steep local currency depreciation
on our Peso-denominated revenues; |
| - | changes to our capital expenditure plans; |
| - | the failure of governmental authorities to approve
proposed measures or transactions described in this annual report; |
| - | deterioration in regional and local business
and economic conditions in or affecting Argentina; |
| - | any potential negative consequences arising in
connection with our ongoing or future mergers, acquisitions, divestitures or other corporate reorganizations; |
| - | changes in general economic, business, political
or other conditions in Argentina or changes in general economic or business conditions in other Latin American countries; |
| - | the effects of the Covid-19 pandemic and any
subsequent mandatory regulatory restrictions or containment measures imposed in response thereto; |
| - | risks related with cybersecurity events, including
potential cyberattacks; |
| - | the risks associated with climate change and
severe weather events; |
| - | the transition process and phasing out of LIBOR;
and |
| - | other risks factors discussed under “Item
3. Risk Factors.” |
The words “believe”,
“may”, “will”, “aim”, “estimate”, “continue”, “anticipate”, “intend”,
“expect” and similar words are intended to identify estimates and forward-looking statements. Estimates and forward-looking
statements speak only as of the date they were made, and we undertake no obligation to update or to renew any estimates and/or forward-looking
statements because of new information, future events or other factors. Estimates and forward-looking statements involve risks and uncertainties
and are not guarantees of future performance. Our future results may differ materially from those expressed in these estimates and forward-looking
statements. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this annual
report might not occur and our future results and our performance may differ materially from those expressed in these forward-looking
statements due to factors including, but not limited to, those mentioned above.
GLOSSARY
Glossary of certain terms used in this Annual Report
Unless the context indicates otherwise, the following terms have the meanings
shown below:
| · | “ADR”: American Depositary Receipt; |
| · | “ADS” or “ADSs”: American
Depositary Shares; |
| · | “AFIP”: Federal Administration of
Public Revenue (Administración Federal de Ingresos Públicos); |
| · | “ANSES”: National Social Security
Agency (Administración Nacional de la Seguridad Social); |
| · | “Anti-Money Laundering Law”: Law
No. 25,246, subsequently amended by, among others, Laws No. 26,087, 26,119, 26,268, 26,683, 26,733, 26,734 and Decree No. 27/2018; |
| · | “Authorized Markets”: securities
markets in Argentina that require authorization from the CNV to operate; |
| · | “BCRA” or “Central Bank”: Central
Bank of the Republic of Argentina (Banco Central de la República Argentina); |
| · | “Banco Nación”: Banco de la
Nación Argentina; |
| · | “BASE”: Buenos Aires Stock Exchange; |
| · | “bbl”: Barrel of crude oil; |
| · | “BCL”: Business Corporation Law; |
| · | “Board of Directors”: the board of
directors of Pampa Energía S.A.; |
| · | “boe”: Barrel of oil equivalent; |
| · | “ByMA”: Argentine stock exchange
and markets (Bolsas y Mercados Argentinos S.A.); |
| · | “CAMMESA”: Wholesale Electric Market
Administration Company (Compañía Administradora del Mercado Eléctrico Mayorista Sociedad Anónima); |
| · | “Caja de Valores”: Caja de Valores
S.A.; |
| · | “CIESA” Compañía de
Inversiones de Energía; |
| · | “CISA”: Comercializadora e Inversora
S.A. (former Pampa Comercializadora S.A.); |
| · | “CITELEC” Compañía Inversora en Transmisión
Eléctrica Citelec S.A.; |
| · | “CML”: Capital Markets Law No. 26,831, as amended by, among
others, Law 27,440; |
| · | “CMIEE”: Average Incremental Charge
of Surplus Demand (Cargo Medio Incremental de la Demanda Excedente); |
| · | “CNG”: compressed natural gas; |
| · | “CNV”: Comisión Nacional de
Valores; |
| · | “Corporate Criminal Liability Law”:
Corporate Criminal Liability Law No. 27,401; |
| · | “Covid-19”: the novel coronavirus,
pneumonia originating in Wuhan, China; |
| · | “CPB”: Central Piedra Buena S.A.
or “Central Térmica Piedra Buena”; |
| · | “CPI”: Consumers Prices Index; |
| · | “CSJN”: Corte Suprema de Justicia
de la Nación; |
| · | “CTB”: CT Barragán S.A. (former
Parques Eólicos Argentinos S.A.); |
| · | “CTEB”: Central Térmica
Ensenada de Barragán; |
| · | “CTIW”: Central Térmica
Ingeniero White; |
| · | “CTG”: Central Térmica
Güemes S.A.; |
| · | “CTGEBA” or “Genelba”:
Central Térmica Genelba; |
| · | “CTLL”: Central Térmica Loma
La Lata S.A. or “Central Térmica Loma La Lata”; |
| · | “CTP”: Central Térmica
Piquirenda; |
| · | “CTPP”: Central Térmica
Parque Pilar; |
| · | “CVP”: Corporación Venezolana
de Petróleo S.A; |
| · | “Pampa Bloque18”: Pampa Bloque18
S.A. (former EcuadorTLC S.A.); |
| · | “Edenor”: Empresa Distribuidora y
Comercializadora Norte S.A.; |
| · | “Edesur”: Empresa Distribuidora Sur
S.A.; |
| · | “EMESA”: Empresa Mendocina de Energía
Sociedad Anónima; |
| · | “ENARGAS”: Ente Nacional Regulador
del Gas or National Gas Regulatory Entity; |
| · | “ENRE”: Ente Nacional Regulador
de la Electricidad or Electricity Regulatory Entity; |
| · | “ENOPSA”: Energía Operaciones
ENOPSA S.A. (former Petrobras Energía Operaciones Ecuador S.A.); |
| · | “Energy Plus”: a program under SE
Resolution 1,281/2006; |
| · | “Exchange Act”: United States
Securities Exchange Act of 1934, as amended; |
| · | “FCA”: United Kingdom Financial Conduct
Authority; |
| · | “FO or GO”: Fuel Oil or Gas Oil; |
| · | “FODER”: Fondo para el Desarrollo
de Energía Renovables; |
| · | “FONINVEMEM”: Fund for Investments
required to increase the Power Supply in the Electricity Wholesale Market (Fondo Para Inversiones Necesarias que Permitan Incrementar
la Oferta de Energía Eléctrica en el Mercado Eléctrico Mayorista); |
| · | “Foundation”: Fundación Pampa Energía S.A;
|
| · | “GaffneyCline”: Gaffney, Cline & Associates; |
| · | “G&P”: Gas y Petróleo de Neuquén S.A.; |
| · | “GDP”: Gross Domestic Product; |
| · | “Greenwind”: Greenwind S.A.; |
| · | “GO and FO”: natural gas or liquid fuels; |
| · | “GU”: Large Users (Grandes Usuarios); |
| · | “GUMA”: Major Large Users (Grandes Usuarios Mayores); |
| · | “GUME”: Minor Large Users (Grandes Usuarios Menores); |
| · | “GUDI”: Major Distribution Users (Grandes Usuarios del
Distribuidor); |
| · | “HIDISA”: Hidroeléctrica Diamante
S.A.; |
| · | “HINISA”: Hidroeléctrica Los
Nihuiles S.A.; |
| · | “HMRT”: hours with a high thermal
demand; |
| · | “HPPL”: Pichi Picún Leufú
Hydroelectric Complex |
| · | “Hydrocarbons Law”: Law No. 17,319
as amended by Law No. 27,007; |
| · | “IEASA”: Integración Energética
Argentina S.A. (former Energía Argentina S.A.); |
| · | “IGJ”: City of Buenos Aires’s
Public Registry of Commerce (Inspección General de Justicia); |
| · | “IMF”: International Money Fund; |
| · | “INDEC”: National Statistics and
Census Institute (Instituto Nacional de Estadística y Censos); |
| · | “Independent Reserves Engineers Firm”:
Gaffney, Cline & Associates; |
| · | “IPIM”: Wholesale Domestic Price
Index (Índice de Precios Internos al por Mayor); |
| · | “IREC”: International Renewable Energy
Certificates; |
| · | “J.P. Morgan”: JPMorgan Chase Bank,
N.A;“LNG”: liquefied natural gas; |
| · | “LPG”: liquefied petroleum gas; |
| · | “MAT”: Term Market (Mercado a
Término); |
| · | “MAT ER”: Renewable Energy Term Market; |
| · | “MBTU”: millions of British Thermal
Units (BTU); |
| · | “MDP”: Ministry of Productive
Development (former SGE) |
| · | “ME&M”: Ministry of Energy and
Mining; |
| · | “MLC”: Free Exchange Market (Mercado
Libre de Cambios); |
| · | “National CPI”: a CPI which is based
on a survey conducted by the INDEC and several provincial statistical offices in 39 urban areas including each of Argentina’s provinces; |
| · | “NYSE”: New York Stock Exchange; |
| · | “OCP”: Oleoducto de Crudos Pesados Ltd.; |
| · | “Official Gazette”: Official Gazette of Argentina (Boletín
Oficial de la República Argentina); |
| · | “Oldelval”: Oleoductos del Valle S.A.; |
| · | “Pampa” or “the Company”:
Pampa Energía S.A.; |
| · | “Pampa Cogeneración”: Pampa
Cogeneración S.A.; |
| · | “PDVSA”: Petróleos de Venezuela
S.A.; |
| · | “PEB”: Pampa Energía Bolivia
S.A. (former “PBI” - Petrobras Bolivia Internacional S.A.); |
| · | “PEMC”: Parque Eólico Ingeniero
Mario Cebreiro; |
| · | “PEN”: National Executive Branch
(Poder Ejecutivo Nacional); |
| · | “PEO”: Petrobras Energía Operaciones
S.A.; |
| · | “Pesos” or “Ps.”: Argentine
Pesos; |
| · | “Petrobras Argentina”: Petrobras
Argentina S.A.; |
| · | “Petrobras”: Petroleo Brasileiro
S.A; |
| · | “Petrolera Pampa”: Petrolera Pampa
S.A.; |
| · | “PGSM”: Puerto General San Martin; |
| · | “PISA”: Pampa Inversiones S.A.; |
| · | “PIST”: Transportation System Entry Point or natural gas price
at the wellhead (Punto de Ingreso al de Sistema de Transporte); |
| · | “Plan Gas.Ar”: the Plan to Promote Argentine Natural
Gas Production; |
| · | “Polisur”: PBB Polisur S.A; |
| · | “PPA” or “PPAs”: relevant
wholesale electricity supply agreements or power purchase agreements (Contratos de Abastecimiento Mayorista de Electricidad); |
| · | “PROCELAC”: Procuraduría
de Criminalidad Económica y Lavado de Activos; |
| · | “Public Emergency Law”: Law
No. 25,561 – the Public Emergency and Exchange Rate Regime Reform Law; |
|
· | “QHSE”: Quality, Health,
Safety and Environment; |
| · | “Refinor”: Refinería del Norte
S.A.; |
|
· | “RENPER”: National Registry
of Renewable Source Electric Power Generation Projects (Registro de Proyectos de Generación de Energía Eléctrica
de Fuente Renovable); |
| · | “Reserves Report”: the year-end reserves
report by Gaffney, Cline & Associates; |
| · | “RTI”: Revisión Tarifaria
Integral (Comprehensive Tariff Review); |
| · | “SACDE”: Sociedad Argentina de Construcción
y Desarrollo Estratégico S.A.; |
| · | “SADI”: the Argentine Electricity
Interconnected Grid (Sistema Argentino de Interconexión); |
| · | “SBR”: styrene butadiene rubber; |
| · | “SE”: Secretariat of Energy (Secretaría
de Energía); |
| · | “SEC”: Security and Exchange Commission; |
| · | “Securities Act”: U.S. Securities
Act of 1933, as amended; |
| · | “SEE”: Subsecretariat of Electric
Energy, former Secretariat of Electric Energy (Subsecretaría de Energía Eléctrica); |
| · | “SGE”: Former Government Secretariat
of Energy (former Ministry of Energy (former ME&M)) (Ex Secretaría de Gobierno de Energía (ex Ministry of Energy (former
ME&M)); |
| · | “SHC”: Undersecretary of Hydrocarbons
and Fuels (Subsecretaría de Recursos Hidrocarburíferos (ex Secretaría de Recursos Hidrocarburíferos); |
| · | “Social Solidarity and Productive Reactivation
Law”: Law No. 27,541; |
| · | “SOFR”: Secured Overnight Financing
Rate; |
| · | “SRRYME”: Secretary of Renewable
Resources and Electricity Market (Secretaría de Recursos Renovables y Mercado Eléctrico); |
| · | “SSERyEE”: Undersecretary of Renewable
Energy and Energy Efficiency (Subsecretaría de Energías Renovables y Eficiencia Energética de la Nación); |
| · | “TGS”: Transportadora de Gas del
Sur S.A.; |
| · | “TJSM”: Termoeléctrica José
de San Martín S.A.; |
| · | “TMB”: Termoeléctrica Manuel
Belgrano S.A.; |
| · | “Transba”: Empresa de Transporte
de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires Transba S.A.; |
| · | “Transelec”: Transelec Argentina
S.A.; |
| · | “Transener”: Compañía
de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.; |
| · | “UIF”: Financial Information Unit
(Unidad de Información Financiera); |
| · | “U.S.”: United Stated of America; |
| · | “US$ and/ or U.S. Dollars”: U.S.
currency; |
| · | “UTEs”: joint operations (Unión
Transitoria); |
| · | “WEM”: Wholesale Electricity Market; |
| · | “WEM Large Users”: WEM users with
a capacity higher than 300 KW; |
| Item 1. | Identity
of Directors, Senior Management and Advisers |
Not
applicable.
| Item 2. | Offer
Statistics and Expected Timetable |
Not
applicable.
EXCHANGE RATES
Exchange Rates
The following table sets
forth the high, low, average and period-end exchange rates for the periods indicated, expressed in Pesos per U.S. Dollar and not adjusted
for inflation. There can be no assurance that the Peso will not depreciate or appreciate again in the future. The Federal Reserve Bank
of New York does not report a noon buying rate for Pesos.
|
|
Exchange
rates(1) |
|
|
(in
Pesos per U.S. Dollars) |
|
|
High |
Low |
Average(2) |
Period
end |
Year
ended December 31, |
|
|
|
|
|
2017 |
|
19.200 |
15.190 |
16.572 |
18.649 |
|