OMV Petrom posts RON 1.85bn net profit in nine months

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OMV Petrom Group has registered in nine months of 2017 a net profit of RON 1.85 billion, up two times (111%) against the net results in the similar period last year of RON 878 million, according to the financial results released on Thursday by the company.

Mariana Gheorghe, CEO of OMV Petrom S.A.:

“In Q3/17, we enjoyed another quarter with strong macroeconomic fundamentals supporting higher demand for our products and higher sales volumes. We benefitted from increased commodity prices and very strong refining margins. In addition, we continued our strict cost discipline to increase our competitive position and moved forward with investments.

As a result, our 9m/17 Clean CCS Operating Result reached RON 2.7 bn, with both Upstream and Downstream showing significant increases. In Upstream, further reduced production costs overcompensated the impact of production decline. In Downstream Oil, the solid results reflected higher sales volumes, mostly in retail, and a continued high asset utilisation. Downstream Gas had an improved performance and benefitted from the booking of insurance revenues for the Brazi power plant. The free cash flow improvement was a result of higher operating cash flow and lower investments.

We expect 2017 CAPEX to be below EUR 0.7 bn, while maintaining the guidance for the daily average production decline.

On September 21, 2017, our free float increased to 18.35% as a result of the sale of a 2.56% stake by Fondul Proprietatea.

We have recently seen progress with respect to government proposals regarding the royalty regime, for both onshore and offshore, as well as the operational framework for offshore activities.”

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