REG - OMV Petrom S.A. - Preliminary Results for Q4 and FY 2020

OMV Petrom SAAnnouncement

04/02/2021 07:01

RNS Number : 9839N
  
OMV Petrom S.A.
  
04 February 2021
  
 

 
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
Group
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)
Upstream
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.
http://www.rns-pdf.londonstockexchange.com/rns/9839N_1-2021-2-4.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
FR FIFEEFFISIIL