OMV Petrom reported net profit of 1.1 billion RON, down by 24 percent in Q1

OMV Petrom announced its financial results for January – March 2025. The company recorded a net profit of 1.1 billion RON, down by 24 percent in Q1.

Christina Verchere, CEO OMV Petrom: “In the first quarter of the year, we delivered strong operational performance. Hydrocarbon production saw its lowest first quarter decline in five years, and the utilization rates of our refinery and power plant were high.

Our Clean CCS Operating Result decreased by 29 percent compared to the first quarter of 2024 to RON 1.3 billion. This was obtained in the context of decreasing crude price and refining margins, and of the regulations on the gas and power market. The latter led to a negative result of the G&P segment for the second consecutive quarters.

Investments were at RON 1.4 billion, up 44 percent year on year in Q1/25, mainly driven by the Neptun Deep project.

These investments have supported the progress of our Strategy 2030, through which we are developing a balanced energy mix of oil, gas and renewable power, contributing to the country’s energy security.

Looking ahead, we will capitalize on our strong financial position and integrated business model, as we gear up for a record-high investment year in 2025 – an ambitious plan of 8 billion lei, that requires a predictable and competitive regulatory and fiscal framework.”

Highlights Q1

Group

• Clean CCS Operating Result stood at 1.3 billion lei, 29 percent lower, reflecting strong operational performance and higher gas prices, offset by lower oil prices and refining margins, as well as regulatory interventions
• Net income decreased by 24 percent to 1.1 billion lei
• CAPEX at 1.4 billion lei, 44 percent higher, with increased investments in Neptun Deep
• Contribution to the state budget increased to 3.8 billion lei, 18 percent higher

Exploration and Production

• Clean Operating Result increased to 827 million lei vs. 728 million lei in Q1/24, mainly reflecting higher gas prices
• Production was down by 3.7 percent – the lowest Q1 decline in the last 5 years
• Production cost increased by 7 percent to USD 17/boe, on lower production available for sale and higher costs (including the new construction tax)

Refining and Marketing

• Clean CCS Operating Result was 395 million lei vs. 484 million lei in Q1/24, mainly due to decline of refining margin
• OMV Petrom indicator refining margin was USD 8.2/bbl, down 35 percent
• Refinery utilization rate stood at 98 percent in Q1/25, significantly above European average

Gas and Power

• Clean Operating Result -86 million lei vs. 433 million lei in Q1/24; the regulatory framework continued to negatively impact mainly the power business result
• Total gas sales increased to 13.1 TW, with higher volumes sold to wholesalers, while Brazi power plant offtake was lower
• Brazi power plant output was 1.2 TWh, accounting for 9 percent of Romania’s generation mix