The OMV Petrom Group posted a net profit of 3.9 billion RON after the first nine months of this year, up 54% compared to the same period last year, but the operating result fell to 4.8 billion RON, amid regulatory interventions in the gas and energy sector, the company announced Tuesday in a press release.
For the third quarter, the company reported a CCA operating result excluding special items of 1.6 billion RON, down 36%, and a CCA net profit attributable to shareholders of the parent company of 1.4 billion RON, down 33%.
Investments amounted to 4.8 billion RON in January-September, up 41% compared to the first nine months of 2023 and the contribution to the state budget reached about 12.5 billion RON, similar to last year’s amount.
The total dividend yield amounted to 12.4%, according to the cited press release, with the company paying a basic dividend of 0.0413 RON/share in June 2024 and a special dividend of 0.0300 RON/share in September.
„In the first 9 months of the year, market demand for all our products was slightly higher, with volatile, declining prices for natural gas and electricity and significantly lower refining margins. (…) The contribution to the state budget was 12.5 billion RON, similar to last year. We have continued to transform our activities for a low-carbon future, with investments reflecting the progress of our strategy. We had record investments for January-September of almost 5 billion RON, of which more than 40% is allocated to strategic projects such as Neptun Deep, renewable energy and electro-mobility,” said Christina Verchere, CEO of OMV Petrom, quoted in the press release.
In the Exploration and Production segment, OMV Petrom recorded an operating result excluding special items of 2.4 billion RON, 26% lower, mainly due to lower natural gas prices and lower volumes available for sale.
In the Refining and Marketing segment, the CCA operating result excluding special items was around 2 billion RON from a low base of 1.8 million last year RON (driven by the planned refinery turnaround in Q2/23). The OMV Petrom refining margin indicator was 9.8 USD/bbl, 35% lower, due to weaker differentials for gasoline and diesel in a similar gasoline price environment. Total sales of refined products increased by 9%. Retail activity in Romania increased by 4%.
In the Gas and Power segment, the operating result excluding special items amounted to 400 million RON, compared to 1.6 billion RON in the same period last year, despite good operational performance. According to the company, results were strongly affected by legislative changes and market dynamics. Natural gas sales volumes decreased by 11%, due to lower volumes to wholesalers and final consumers, but under the conditions of higher consumption at the Brazi power plant.
Net electricity production amounted to about 3.6 TWh, compared to 2.5 TWh in the first nine months of last year, representing 9% of Romania’s electricity production, with the Brazi power plant being in a shorter overhaul compared to 2023.
As far as regional gas development is concerned, OMV Petrom states that Neptun Deep has progressed according to plan and the construction of the production platform has advanced on Saipem’s construction sites in Indonesia and Italy. The group also acquired TotalEnergies’ stake in the Han Asparuh offshore block in Bulgaria, where OMV Petrom is the operator.
In the renewable energy area, transactions were concluded with Renovatio and Jantzen Renewables for capacities of 1 GW (wind and solar) and 710 MW (solar), respectively. „With the conclusion of these transactions, together with the announced partnership with CE Oltenia and our own project at Isalnita, our portfolio of wind and solar projects has increased to 2.3 GW, of which 18 MW are in operation. In addition, OMV Petrom and Saint Gobain have signed an agreement to supply green energy,” the press release shows.
At the same time, the final investment decision was taken for the construction of a SAF/HVO unit (sustainable aviation fuels – SAF; diesel from renewable sources – HVO) and two green hydrogen units, positioning Petrobrazi to become the first major producer of sustainable fuels in South-Eastern Europe. The company has also signed a contract to secure raw materials to produce sustainable fuels.
The transaction with Renovatio also contributed to the company’s creation of the largest electric vehicle charging network in Romania, with more than 800 charging points.
The social projects supported directly and through the OMV Petrom Foundation totaled approximately 22 million EUR in the fields of health, education and environment.
The company notes that the financial figures are unaudited and present the consolidated interim results of the OMV Petrom Group, prepared in accordance with IFRS.
AGERPRES
