REG - OMV Petrom S.A. - OMV Petrom results for Q2 and January-June 2017 <Origin Href="QuoteRef">ROSNP.BX</Origin>

OMV Petrom SAAnnouncement

10/08/2017 07:08

RNS Number : 5985N
OMV Petrom S.A.
10 August 2017
OMV Petrom Group: results for Q2 and January - June 2017
including interim condensed consolidated financial statements as of and for the period ended June 30, 2017
Highlights Q2/17
u Strong free cash flow after dividends of RON 397 mn 
u Clean CCS Operating Result at RON 892 mn, equally contributed by Upstream and Downstream
u Excellent clean CCS EPS at RON 0.0122 
Mariana Gheorghe, CEO of OMV Petrom S.A.: 
"In the first six months of 2017, we converted favorable market conditions into solid operational and financial performance. We were supported by increased oil prices, strong refining margins and higher demand for all our products. In addition, we continued our strict cost discipline. As a result, our 6m/17 Clean CCS Operating Result reached RON 1.66 bn, with both Upstream and Downstream showing significant increases. In Upstream, further reduced production cost per barrel fully offset the production decline. Downstream Clean CCS Operating Result increased by 70% yoy on better contributions from both Oil and Gas. Operating cash flow of RON 3 bn, up 68% yoy, combined with CAPEX reduction and RON 0.8 bn dividend payment, led to a free cash flow after dividends of RON 1 bn. 
We revised down our 2017 CAPEX guidance to EUR 0.7 bn from EUR 0.8 bn, due to wells portfolio optimizations, savings and project revisions; nevertheless, we are prepared for a ramp up in investments in the second half of 2017, especially given our strong balance sheet. We maintained the guidance for the daily average production decline of around 3% yoy, not including portfolio optimization initiatives.
In July, we signed the contract for the sale of Dorobantu wind park, as part of our strategy to focus on core activities. In addition, we resumed operations at the Brazi power plant, at half capacity, on July 5.
On August 1, the transfer of 19 marginal fields took place. A new round of divestments was initiated in line with our strategic direction of value over volume."
Q2/17
Q1/17
Q2/16
%
Key performance indicators 
(in RON mn)
6m/17
6m/16
%
892 
767
231 
285
Clean CCS Operating Result 
1,659 
643 
158 
779 
798
220 
254 
Operating Result 
1,577 
566 
179 
690 
586
127 
443
Clean CCS net income attributable to stockholders 
1,276 
458 
179 
592 
619
118 
403 
Net income attributable to stockholders 
1,210 
408 
196 
0.0122
0.0103
0.0022
443
Clean CCS EPS (RON) 
0.0225
0.0081
179
0.0104 
0.0109
0.0021 
403
Earnings Per Share (RON)
0.0214 
0.0072 
196 
1,714
1,262
883 
94
Cash flow from operating activities 
2,976
1,771 
68
397
646
130 
205
Free cash flow after dividends
1,043
12 
n.m.
OMV Petrom will organize a live presentation of the Q2/2017 results on August 10, 2017, starting 3.00pm (local time) / 2.00pm (CEST) / 1.00pm (BST). The presentation will last approximately 30 minutes, followed by a Q&A session, and will be hosted by:
 Mariana Gheorghe, President of the Executive Board & CEO
 Stefan Waldner, Executive Board Member & CFO
The presentation will be held in English and will be broadcasted through a live audio webcast, which can be accessed from the company's website, www.omvpetrom.com, section OMV Petrom  Investor Relations  Financial calendar and events  Quarterly publications.
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/5985N_-2017-8-10.pdf

This information is provided by RNS
The company news service from the London Stock Exchange
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