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Pampa Energía announces results for the six-month period and quarter ended on June 30, 2020

BUENOS AIRES, Argentina, Aug. 11, 2020 /PRNewswire/ --A Pampa EnergA­a S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest independent energy integrated company in Argentina, with active participation in the country's electricity and gas value chain, announces the results for the six-month period and quarter ended on June 30, 2020.As from January 1, 2019, the Company adopted US$ as functional currency for the reporting of its financial information. The presentation of this information in AR$ is converted at transactional nominal exchange rate ('FX').However, Edenor (electricity distribution), OldelVal (oil and gas), Transener, TGS and Refinor (holding and others) continue recording their operations in local currency. Thus, the 2020 figures are adjusted by inflation as of June 30, 2020 (1H 20: 6.4% and Q2 20: 2.6%), translated to US$ at closing FX of 70.46. Moreover, the 2019 figures are adjusted by inflation as of June 30, 2019 (1H 19: 10.1% and Q2 19: 4.5%), translated to US$ at closing FX of 42.461.Main highlights from the 1H 20 resultsConsolidated net revenues of US$1,059 million2, 30% lower than the US$1,516 million recorded in 1H 19, mainly due to unadjusted tariffs at regulated businesses, the termination of fuel self-procurement for power sold to CAMMESA as from January 2020, and lower prices and volumes sold in oil and gas, partially offset by new power generation units priced under PPAs.
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