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Preliminary financial results for January - December and Q4 2020

Release Date: 2/4/2021 8:00:03 AM

IRIS Code: 9A722

OMV Petrom Group results for January – December and Q4 2020

including preliminary unaudited condensed consolidated financial statements as of and for the period ended December 31, 2020


Highlights Q4/20 vs Q4/19


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

u Clean CCS Operating Result at RON 0.5 bn, 58% lower

u Clean CCS net income attributable to stockholders at RON 0.4 bn, down 59%

u Cash flow from operating activities at RON 1.2 bn, 30% lower

u CAPEX at RON 0.8 bn, down 43%

u Free cash flow after dividends at RON 0.7 bn, 5% lower

u Clean CCS ROACE at 6.4%, 7 pp lower

u Dividend proposal 2020: RON 0.031/share, flat yoy

u LTIR: 0.25 (Q4/19: 0.17)



u Clean Operating Result at RON 26 mn vs. RON 700 mn in Q4/19, mainly due to lower oil and gas prices

u Production decreased by 7.6%, mainly due to the steep decline in 4461 Totea South well and planned maintenance activities

u Production cost increased by 11% to USD 11.4/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 275 mn, down 24% on declining refining margins and weak demand, partly counterbalanced by gains from middle distillate margin hedges and good operational performance of the sales channels

u OMV Petrom indicator refining margin at USD 2.00/bbl, down 57%

u Refinery utilization rate at 96%, compared to 98% in Q4/19, reflecting lower demand

u Retail volumes 5% lower, impacted by mobility restrictions


Downstream Gas

u Clean Operating Result at RON 230 mn, almost three times higher than in Q4/19, driven by the excellent power business performance

u Gas sales volumes down by 33%, due to a high base effect from regulatory-driven sales in Q4/19

u Net electrical output at 1.18 TWh, 7% lower due to planned shutdown of Brazi power plant



Key events

u OMV Petrom signed the transaction for the sale of its 100% shareholding in Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC) in Kazakhstan to Magnetic Oil Limited, closing expected in H1/21

u New development drilling campaign started in the shallow waters of the Istria block, Black Sea

u OMV Petrom increased the annual bio-blending capacity at Petrobrazi from 200 kilotons to approximately 350 kilotons, following investments of EUR ~21 mn

u OMV Petrom launched in Romania the first OMV Climate Neutral card for businesses to offset fuel carbon emissions

u OMV Petrom continued its forestation actions as part of the “Romania plants for tomorrow” campaign: 550,000 trees planted in 2020


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



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