#Pan American Energy

The leading producer, employer, and private investor in Argentina’s energy sector. It is an integrated company spanning Upstream, Midstream, Downstream, and renewable energy.

Headquartered in Buenos Aires (CABA), Comodoro Rivadavia (Chubut), and Neuquén. Regional operations in Mexico, Brazil, Bolivia, Uruguay, and Paraguay.

Cerro Dragón has already begun the process of becoming a new hub largely focused on shale production, something new in the basin.
The Alberta model that Torres is replicating

Is there shale in the “D-129 planet”? YPF exits conventional operations in Chubut but leaves the door open for a return

The transfer of Manantiales Behr to PECOM Servicios Energía S.A.U. has already been approved by the board and is pending before the provincial authorities. Even so, Horacio Marín announced in New York that the company is not closing the door on unconventional development in Chubut. The regulatory mechanism that would enable that already exists, and Pan American Energy activated it in Cerro Dragón.

Equity analysts see Pan American Energy well positioned to capture growth in Vaca Muerta in a more demanding financial environment.
Investments

PAE kicks off 2026 with $375 million bond at 7.75% to fund Vaca Muerta and LNG

With a focus on shale development and the LNG project, the proceeds will be used to support the company’s aggressive investment plan in Argentina and to refinance existing liabilities. The bond, with an implied 11-year maturity and principal repayments in three annual installments starting in year nine, saw solid demand that allowed it to be priced in the middle of the initial book range of $300 million to $500 million.

Projects under RIGI: Investment commitments already exceed $24.8 billion in strategic projects, particularly in energy and mining.
Energy and mining investments

RIGI map: Approved projects and those still pending for 2026

With a portfolio that already exceeds 27 submitted projects and investment commitments topping $33 billion, extending the deadline to 2027 could unlock additional investment and new projects, further expanding the country’s energy and mining frontier.