Hypoxia is among the most critical environmental stressors for fish in aquatic environments, and several energetic alterations have been associated with it. The aim of the present study was to evaluate the involvement of the phosphoryl transfer network and its effects on adenosine triphosphate (ATP)-dependent enzymes during hypoxia, as well as the role of oxidative stress in the activity of the phosphoryl transfer network in pacamã (Lophiosilurus alexandri) subjected to severe hypoxia. Branchial creatine kinase (CK; cytosolic and mitochondrial fractions), adenylate kinase (AK), and pyruvate kinase (PK) activities were inhibited after 72 h of exposure to hypoxia compared to their respective normoxia groups, and remained low (except for AK) after 24 and 72 h of re-oxygenation. Activities of the branchial sodium-potassium pump (Na+, K+-ATPase) and proton pump (H+-ATPase) were inhibited in fish exposed to 72 h of hypoxia compared to the normoxia group, remained inhibited after 24 h of re-oxygenation, and were restored to physiological levels after 72 h of re-oxygenation. Levels of branchial reactive oxygen species (ROS) were higher in fish exposed to hypoxia for 72 h compared to the normoxia group, and increased during re-oxygenation. Lipid peroxidation (LOOH) levels were higher in fish subjected to 72 h of hypoxia compared to the normoxia group, and remained higher during re-oxygenation. On the other hand, protein sulfhydryl (PSH) levels were lower in fish exposed to hypoxia for 72 h compared to the normoxia group, and remained low during re-oxygenation. Based on this evidence, inhibition of the activities of enzymes belonging to phosphoryl transfer network contributed to impairing energetic homeostasis linked to ATP production and ATP utilization in gills of pacamã subjected to hypoxia, and remained inhibited during re-oxygenation (except AK activity). Moreover, inhibition of the phosphoryl transfer network impaired activity of ATP-dependent enzymes, which can be mediated by ROS overproduction, lipid peroxidation, and oxidation of SH groups.