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OMV PETROM S.A. - SNP

2021 Q1 report

Release Date: 4/29/2021 8:00:15 AM

IRIS Code: E9FDD

OMV Petrom Group results for January – March 2021

including unaudited interim condensed consolidated financial statements as of and for the period ended March 31, 2021

 

Highlights Q1/21 vs Q1/20

Group

u  Swift measures and the integrated business model partly counterbalanced the challenging environment 

u  Clean CCS Operating Result at RON 0.7 bn, 33% lower

u  Clean CCS net income attributable to stockholders at RON 0.5 bn, down 32%

u  Cash flow from operating activities at RON 1.2 bn, 15% lower

u  CAPEX at RON 0.6 bn, down 40%

u  Free cash flow after dividends at RON 0.4 bn, 212% higher

u  Clean CCS ROACE at 5.7%, 7 pp lower

u  TRIR 0.38 (Q1/20: 0.60)

 

Upstream

u  Clean Operating Result at RON 311 mn vs. RON 157 mn in Q1/20, mainly due to higher oil price and lower total costs

u  Production decreased by 7.6%, due to natural decline in main fields and lower investment level in 2020

u  Production cost increased by 15% to USD 12.5/boe, driven by lower production available for sale and unfavorable FX, partly compensated by ongoing cost optimization

 

Downstream Oil

u  Clean CCS Operating Result at RON 308 mn, down 40%, reflecting the weaker margins environment, as well as the high base effect due to one-off revenues in Q1/20

u  OMV Petrom indicator refining margin at USD 2.80/bbl, down 58%, as a result of falling product spreads

u  Refinery utilization rate at 95%, above European refineries’ average

u  Retail volumes flat, mainly on recovering demand, particularly in Romania

 

Downstream Gas

u  Clean Operating Result at RON 181 mn, 23% higher vs Q1/20, driven by better performance of both the gas and power businesses

u  Gas sales volumes down by 23%, in part due to a high base effect from regulatory-driven sales in Q1/20

u  Net electrical output at 1.18 TWh, 6% higher, on supportive spark spreads

 

Key events

u  OMV Petrom will be the operator of Neptun Deep block, in case Romgaz becomes a partner in the Neptun Deep project

u  OMV Petrom signed the Production Sharing Contract for Block II, offshore Georgia

u  OMV Petrom is investing approximately EUR 32 mn in a drilling campaign in the shallow Black Sea

 

Please access the link here below to view the full report.

 



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