OMV Petrom net profit reached 653 million RON in Q1, down by 43 percent

OMV Petrom closed the first quarter of 2020 with revenues of 6 billion RON, up 12 percent compared to the same period last year, and a net profit of 653 million lei, lower by 43 percent.

The value of consolidated sales revenues increased by 12 percent supported by higher volumes of natural gas sales, even though prices were lower and electricity sales decreased.

OMV Petrom had a 21 percent reduction in operating income to 975 million RON in the first quarter of this year. In the Upstream segment (exploration and exploitation of oil and gas) the quarterly decline was 81 percent, mainly under the influence of declining oil and gas prices.

The group has planned investments of about 3 billion RON this year, excluding acquisitions (compared to 4.2 billion lei in the previous estimate and the value in 2019). The reduction results mainly from the prioritization of the drilling activity, but also from the postponement of some projects in the petrochemistry and retail.