REG - OMV Petrom S.A. - Results for Q1/21

OMV Petrom SAAnnouncement

29/04/2021 07:05

RNS Number : 0402X
  
OMV Petrom S.A.
  
29 April 2021
  
 

OMV Petrom S.A.
 
 
OMV Petrom Group results for January - March 2021
including unaudited interim condensed consolidated financial statements as of and for the period ended March 31, 2021
Highlights Q1/21 vs Q1/20
Group
u Swift measures and the integrated business model partly counterbalanced the challenging environment  
u Clean CCS Operating Result at RON 0.7 bn, 33% lower
u Clean CCS net income attributable to stockholders at RON 0.5 bn, down 32%
u Cash flow from operating activities at RON 1.2 bn, 15% lower 
u CAPEX at RON 0.6 bn, down 40%
u Free cash flow after dividends at RON 0.4 bn, 212% higher
u Clean CCS ROACE at 5.7%, 7 pp lower
u TRIR 0.38 (Q1/20: 0.60) 
Upstream
u Clean Operating Result at RON 311 mn vs. RON 157 mn in Q1/20, mainly due to higher oil price and lower total costs 
u Production decreased by 7.6%, due to natural decline in main fields and lower investment level in 2020 
u Production cost increased by 15% to USD 12.5/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 308 mn, down 40%, reflecting the weaker margins environment, as well as the high base effect due to one-off revenues in Q1/20 
u OMV Petrom indicator refining margin at USD 2.80/bbl, down 58%, as a result of falling product spreads
u Refinery utilization rate at 95%, above European refineries' average
u Retail volumes flat, mainly on recovering demand, particularly in Romania
Downstream Gas
u Clean Operating Result at RON 181 mn, 23% higher vs Q1/20, driven by better performance of both the gas and power businesses 
u Gas sales volumes down by 23%, in part due to a high base effect from regulatory-driven sales in Q1/20 
u Net electrical output at 1.18 TWh, 6% higher, on supportive spark spreads
Key events
u OMV Petrom will be the operator of Neptun Deep block, in case Romgaz becomes a partner in the Neptun Deep project 
u OMV Petrom signed the Production Sharing Contract for Block II, offshore Georgia
u OMV Petrom is investing approximately EUR 32 mn in a drilling campaign in the shallow Black Sea
 
Please access the link here below to view the full report.
http://www.rns-pdf.londonstockexchange.com/rns/0402X_1-2021-4-29.pdf

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