OMV Petrom posts profit of 500 million RON, down by 32 percent in Q1

OMV Petrom announced the financial results for January – March 2021, the net profit being of 500 million RON, decreasing by 32 percent compared to the same period last year.

The value of investments was 600 million RON, down 40 percent.

Upstream

• Operating income excluding special items was 311 million RON, compared to 157 million RON in Q1 / 20, mainly due to higher crude oil prices and lower total costs

• Production decreased by 7.6 percent due to the natural decline of the main deposits and the lower level of investments in 2020

• The cost of production increased by 15 percent to 12.5 USD / boe, reflecting the decrease in production available for sale and the unfavorable exchange rate, effects partially offset by the continuous optimization of costs

Downstream Oil

• The BCC operating result excluding special items amounted to 308 million RON, 40 percent lower, reflecting the unfavorable margin environment, as well as the higher base effect generated by non-recurring revenues in Q1 / 20

• OMV Petrom refining margin indicator at USD 2.80 / bbl, lower by 58 percent, due to the decrease of product differentials

• Refinery utilization rate at 95 percent, above the average of European refineries

• Retail sales volumes at the same level as Q1 / 20, mainly due to the return of demand, especially in Romania

Downstream Gas

• Operating result excluding special items of 181 million RON, 23 percent higher than in Q1 / 20, reflecting the improved contribution of natural gas and electricity activities

• Natural gas sales volumes 23 percent lower, partly due to a high base effect generated by Q1 / 20 sales due to the regulatory environment

• Net electricity production of 1.18 TWh, 6 percent higher, due to favorable margins