OMV Petrom reported net profit of 1.7 billion RON in the first 9 months

OMV Petrom published the financial results for the first 9 months of 2021. The net profit reached 1.7 billion RON , while the value of investments was 1.8 billion RON, down 20 percent compared to the same period last year.
Upstream
Operating result excluding special items: 1., RON 2 billion vs. (19) mil RON at 1-9 / 20, mainly due to higher crude oil prices
Production decreased by 10 percent, mainly due to the sale of production assets in Kazakhstan in Q2 / 21, the sharp natural decline in the main fields, as well as operational maintenance activities.
Production cost increased by 19 percent to 12.7 USD / boe, mainly reflecting the decrease in production available for sale
Downstream Oil
CCA operating result excluding special items: RON 1.5 billion, by 26 percent higher, reflecting very good refining margins and demand recovery
OMV Petrom Refining Margin Indicator: USD 4.78 / bbl, up from USD 3.19 / bbl to 1-9 / 20, supported by higher product differentials for both petrol and medium distillates
Refinery utilization rate: 95 percent, compared to 90 percent at 1-9 / 20, significantly above the European average
Retail sales volumes, at Group level, higher by 14 percent higher, reflecting the solid demand for fuels in the market
Downstream Gas
Operating result excluding special items: RON 337 million, 31 percent lower compared to the same period last year, significantly affected by the result of forward electricity contracts in an environment with rising prices
Natural gas sales volumes: 37 TWh, 16 percent lower due to lower purchase volumes
Net electricity production: 3.24TWh, 9 percent higher, providing 7 percent of Romania’s electricity production. Contribution to security of supply through market balancing and ancillary services.