OMV Petrom - production and sales down in the first quarter

OMV Petrom (SNP), the largest energy company in Southeast Europe, reduced its hydrocarbon production by 4% in the first quarter of the year compared to the same period in 2023, according to published preliminary operational results, yesterday, on the website of the Bucharest Stock Exchange (BVB).

In the January-March period of the current year, OMV Petrom's crude oil and condensate production amounted to 53.5 thousand barrels of oil equivalent per day (boe/d), 4.5% below that of the same period of the previous year, in while natural gas production was 58.1 thousand boe/d, down 3.6% compared to the first quarter of 2023.

In total, OMV Petrom's hydrocarbon production from January to March of the year current was 111.7 thousand boe/day, down 4% compared to the same period last year. The total volume of hydrocarbon sales amounted to 106.5 thousand boe/d, 4.4% below those of January-March 2023, of which crude oil and condensate sales were 56.2 thousand boe/d (-4.9%), and natural gas sales amounted to 50.3 thousand boe/day (-3.8%).

The average realized price of crude oil was $83.16, up from $81.17 per barrel between January and March 2023, according to the OMV Petrom report. Gas sales to third parties amounted to 9.17 TWh, down 17% compared to the first quarter of last year.

Net electricity production was 1.6 TWh, 65% above that of the January-March 2023 period, when the Petrobrazi refinery was under overhaul, but below that of the fourth quarter of last year, of 1.71 TWh. The refining margin fell from $16.61 a barrel in the first quarter of last year to $12.56 a barrel. In the first three months of this year, the company's total sales of finished products amounted to 1.29 million tons, compared to 1.24 million tons in the same period last year and 1.51 million tons last year. quarter of 2024.

Gas sales to third parties decreased from 11.06 TWh in the period January-March 2023, to 9.17 TWh in the first three months of this year.

OMV Petrom proposed to shareholders the distribution of almost 2.6 billion lei as dividends from last year's profit and announced the intention to propose an additional allocation.

For this year, the company has budgeted a net profit of almost 5.2 billion lei, 31% above that of 2023, with sales revenues estimated at 33.3 billion lei, up 1%, according to the Revenue Budget and Company expenses subject to shareholder approval on April 24.

The oil and gas producer will publish its results for the first three quarters of the year on April 30. The Austrians from OMV own 51% of OMV Petrom, while the Romanian State, through the Ministry of Energy, has 20.64% of the oil and gas producer.