REG - OMV Petrom S.A. - OMV Petrom Trading Update Q4 2022

OMV Petrom SAAnnouncement

12/01/2023 07:00

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RNS Number : 5134M  OMV Petrom S.A.  12 January 2023

 

OMV Petrom Q4/22 Trading Update

January 12, 2023

This trading update provides basic provisional information on the economic
environment as well as OMV Petrom Group's key performance indicators for the
quarter ended December 31, 2022. The OMV Petrom Group's results for Q4/22 will
be published on February 2, 2023. The information contained in this trading
update may be subject to change and may differ from the final numbers of the
quarterly report.

 Economic environment           Q4/21  Q1/22   Q2/22   Q3/22   Q4/22
 Average Brent price (USD/bbl)  79.76  102.23  113.93  100.84  88.87
 Average Urals price (USD/bbl)  78.22  90.20   79.26   73.79   64.41
 Average USD/RON FX-rate        4.327  4.411   4.642   4.880   4.832
 Average EUR/RON FX-rate        4.949  4.946   4.945   4.914   4.921

Source: Reuters/Platts, NBR

 

 Exploration and Production                          Q4/21  Q1/22  Q2/22   Q3/22  Q4/22
 Total hydrocarbon production (kboe/d)               122.2  121.3  120.1   117.2  118.0
 thereof crude oil and NGL production (kboe/d)       59.8   58.3   57.5    56.3   57.0
 thereof natural gas production (kboe/d)             62.4   63.0   62.6    60.9   61.1
 Total hydrocarbon sales volume (kboe/d)             117.4  116.5  115.5   112.0  113.2
 thereof crude oil and NGL sales volume (kboe/d)(1)  62.9   61.5   60.8    58.5   60.0
 thereof natural gas sales volume (kboe/d)           54.4   55.0   54.8    53.5   53.2
 Average realized crude price (USD/bbl)(2)           69.94  80.34  101.62  89.14  77.84

(1) Includes sales of liquids obtained from separation and processing of rich
natural gas; rich natural gas production is included under natural gas
production above;

(2) Starting Q2/22, the transfer price between the Exploration &
Production and Refining & Marketing is based on Brent instead of Urals.
Previous figures were not restated.

 

 Refining and Marketing                    Q4/21  Q1/22  Q2/22  Q3/22  Q4/22
 Indicator refining margin (USD/bbl)(3,4)  7.52   18.31  24.44  17.10  18.79
 Refinery utilization rate (%)             101    98     86     99     99
 Total refined product sales (mn t)        1.41   1.21   1.32   1.51   1.49

(3) The actual refining margins realized by OMV Petrom may vary from the
indicator refining margin due to different crude slate, product yield and
operating conditions.

(4) Starting Q2/22, the indicator refining margin reflects the change in crude
oil reference price from Urals to Brent. The values of the indicator refining
margin for the previous periods were not restated.

 

 Gas and Power                             Q4/21  Q1/22  Q2/22  Q3/22  Q4/22
 Gas sales volumes to third parties (TWh)  9.03   10.66  8.68   6.92   9.56
 Brazi net electrical output (TWh)         1.55   0.99   1.12   1.42   1.48

 

In Q4/22, the G&P business segment was significantly regulated through
extended scope of capped prices and over-taxation, for both gas and power.
Consequently, the G&P Clean Operating Result is expected to be only
marginally positive.

The EU Regulation 1854/2022 that introduced a temporary solidarity
contribution, has been transposed into Romanian legislation by the Government
Emergency Ordinance 186 i  published on December 29, 2022. Based on our 2022
preliminary financials and the provisions of this Emergency Ordinance, OMV
Petrom is expected not to be subject to this solidarity contribution for the
fiscal year 2022 having less than 75% of its turnover in the defined areas:
extraction of crude, extraction of natural gas, extraction of coal and
refining business.

For the first 9 months of 2022, OMV Petrom already paid to the Romanian State
Budget royalties, supplementary taxes, and other specific industry
contributions of ~RON 5.2 bn, in addition to the ~RON 1.6 bn corporate income
tax. In total, these accounted for approximately 60% of the 9m/22 Profit
before tax and increased by more than six times versus 9m/21. The preliminary
figures for FY 2022 and Q4/22 results will be published on February 2, 2023.

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Contact details:

OMV Petrom S.A. Investor Relations

Tel: +40 372 161 930; Fax: +40 372 868 518

E-mail: investor.relations.petrom@petrom.com
(mailto:investor.relations.petrom@petrom.com)

 

Disclaimer regarding forward-looking statements

This report may contain forward-looking statements. These statements reflect
the Company's current knowledge and its expectations and projections about
future events and may be identified by the context of such statements or words
such as "anticipate," "believe", "estimate", "expect", "intend", "plan",
"project", "target", "may", "will", "would", "could" or "should" or similar
terminology. By their nature, forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the Company's
control that could cause the Company's actual results and performance to
differ materially from any expected future results or performance expressed or
implied by any forward-looking statements.

None of the future projections, expectations, estimates or prospects in this
report should in particular be taken as forecasts or promises nor should they
be taken as implying any indication, assurance or guarantee that the
assumptions on which such future projections, expectations, estimates or
prospects have been prepared or the information and statements contained
herein are accurate or complete.

As a result of these risks, uncertainties and assumptions, you should in
particular not place reliance on these forward-looking statements as a
prediction of actual results or otherwise. This report does not purport to
contain all information that may be necessary in respect of the Company or its
shares and, in any event, each person receiving this report needs to make an
independent assessment. The Company undertakes no obligation publicly to
release the results of any revisions to any forward-looking statements in this
report that may occur due to any change in its expectations or to reflect
events or circumstances after the date of this report.

 i  This Emergency Ordinance will subsequently follow the Parliamentary
approval process.

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