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Published October 29, 2024

OMV Petrom Group results[1] for January – September 2024 including interim unaudited condensed consolidated financial statements as of and for the period ended September 30, 2024

Christina Verchere, CEO OMV Petrom: “In the first 9 months of the year, market demand for all our products was slightly higher, however with volatile prices, down for natural gas and power and significantly lower refining margins. The clean operating result for this period amounted to 4.8 billion lei, supported by the efficiency of our integrated activities, still impacted by high regulatory interventions in the gas and power sector. The contribution to the state budget was 12.5 billion lei, similar to last year.  

We continued to transform our activities for a low-carbon future, investments reflecting the progress of our strategy. We had record investments for January - September, of almost 5 bn lei, with over 40% being allocated to strategic projects such as Neptun Deep, renewable power and electro-mobility.” 

Highlights 9m/24[2] 

Group 

  • Clean CCS Operating Result at RON 4.8 bn, 23% lower, mainly impacted by the weaker and volatile market environment and regulatory interventions, partly compensated by good operational performance and integration benefits 
  • Net income increased to RON 3.9 bn vs. RON 2.5 bn in 9m/23 
  • CAPEX at RON 4.8 bn, an increase of 41% vs RON 3.4 bn in 9m/23 
  • State budget contribution at RON ~12.5 bn, similar to 9m/23 
  • Dividends: base dividend of RON 0.0413/share paid in June 2024 and special dividend of RON 0.0300/share paid in September translating into a total dividend yield of 12.4%. 

Exploration and Production 

  • Clean Operating Result at RON 2.4 bn, 26% lower, mainly driven by the decrease in gas prices and lower volumes available for sale 
  • Good results from workovers and drilling partially mitigated natural decline resulting in a production decrease of 4%  
  • Production cost increased by 5% to USD ~16/boe, due to lower production available for sale and increased expenses, partly offset by positive FX. 

Refining and Marketing 

  • Clean CCS Operating Result at RON ~2 bn from a low base in 9m/23 of RON 1.8 mn (as a result of the refinery turnaround in Q2/23), and improved performance of the sales channels, fully compensating the negative market effects 
  • OMV Petrom indicator refining margin at USD 9.8/bbl, 35% lower, as a result of lower gasoline and diesel spreads in a similar crude price environment 
  • Refinery utilization rate at 97% vs. 75% in 9m/23, as 2023 was impacted by the turnaround 
  • High performing sales channels: total refined product sales increased by 9%. Romanian retail increased by 4%. 

Gas and Power 

Clean Operating Result at RON ~0.4 bn vs RON 1.6 bn in 9m/23; despite good operational performance, the results were heavily impacted by changes of legislation and market dynamics 

Gas sales volumes down 11%, on lower volumes to wholesales and end-users, while higher offtake by Brazi power plan 

Net electrical output of ~3.6 TWh vs ~2.5 TWh in 9m/23, covering 9% of Romania’s power production, Brazi power plant being in a shorter planned outage compared to 9m/23.  

Delivering on Strategy 2030 

Grow regional gas 

  • Neptun Deep: progressed according to plan. The construction of the production platform advanced at the  Saipem sites located in Indonesia and Italy.  
  • Han Asparuh: OMV Petrom took over TotalEnergies’ interest in the Han Asparuh offshore block in Bulgaria, where OMV Petrom is the operator. The company is progressing with the farm-down option.  

Transition to low and zero carbon 

  • Renewable power: closed the transactions with Renovatio and Janzten Renewables for capacities of 1GW (wind and solar) and 710MW (solar), respectively. With these closings, together with the announced partnership with CE Oltenia and our own photovoltaic project at Isalnita, our portfolio of wind and solar increased to 2.3 GW, out of which 18 MW is in operation. In addition, OMV Petrom and Saint-Gobain Romania signed an agreement for the supply of green power.  
  • Sustainable fuels: the final investment decision was taken for the construction of a SAF/HVO unit and two green hydrogen units, positioning Petrobrazi to become the first major producer of sustainable fuels in SEE. The company also signed a contract to secure the raw material to produce its sustainable fuels.  
  • Electro-mobility: transaction with Renovatio contributed to the company having the largest EV charging network in Romania, with more than 800 charging points.        

Optimize traditional business 

  • E&P: OMV Petrom premiered a new automatic drilling technology in Romania  
  • R&M: largest crude oil storage tank in Romania commissioned at the Petrobrazi refinery   
  • G&P: OMV Petrom expanded its natural gas supply activities in Bulgaria, addressing the industrial consumers  

Innovation: an innovative carbon capture and utilization facility is being tested at Petrobrazi. OMV Petrom became become an equity partner in InnoEnergy, a unique and trusted ecosystem to fast-track innovation towards the energy transition.  

Social projects supported directly and through OMV Petrom Foundation: ~22 mn EUR in the areas of health, education, and environment.  

[1]   The financials are unaudited and represent OMV Petrom Group’s (herein after also referred to as “the Group”) interim consolidated results prepared according to IFRS; all the figures refer to OMV Petrom Group, unless otherwise stated; financials are expressed in RON mn and rounded to the closest integer value, so minor differences may result upon reconciliation; OMV Petrom uses the National Bank of Romania exchange rates for its consolidation process. [2] All comparisons described relate to the same period in the previous year except where mentioned otherwise.