6 Feb 2020 07:00
OMV Petrom Group results for January - December and Q4 2019
including preliminary unaudited condensed consolidated financial statements as of and for the period ended December 31, 2019
Highlights Q4/19 vs Q4/18
Group
u Clean CCS Operating Result at RON 1.1 bn, 21% lower
u Clean CCS net income attributable to stockholders at RON 938 mn, down 17%
u Cash flow from operating activities at RON 1.8 bn, 3% lower
u CAPEX at RON 1.4 bn, up 20%
u Clean CCS ROACE at 13.8%, 0.5 pp lower
u Dividend proposal 2019: RON 0.031/share, up 15%
Upstream
u Clean Operating Result at RON 700 mn, down 12%, mainly driven by lower oil prices and higher depreciation
u Managed production decline at 3%, supported by tie in of the 4461 Totea South exploration well
u Reduced OPEX to USD 10.3/boe despite production decline, due to favorable exchange rate and further improved operational efficiencies
Downstream Oil
u Clean CCS Operating Result at RON 362 mn, up 2%, due to strong operational performance offsetting the impact of a deteriorated refining margin environment
u OMV Petrom indicator refining margin at USD 4.68/bbl, down 11%
u Strong refinery utilization rate of 98%; retail volumes up 3%
Downstream Gas
u Clean Operating Result at RON 85 mn, down 47% (Q4/18 included Brazi power plant insurance revenues)
u Gas sales volumes up 54%, built on third party supply; net electrical output at 1.26 TWh, 15% down in the context of slightly negative spark spreads
u In Q4/19, OMV Petrom supplied the regulated markets with 5.07 TWh of gas and 0.47 TWh of power, as per the set allocations
Key events
u In line with our regional expansion strategy, on December 17, OMV Petrom signed a contract to acquire OMV Offshore Bulgaria GmbH, which holds a 30% stake in the Han Asparuh exploration license. Closing of the transaction is subject to certain conditions precedent and is expected by mid-2020.
u In January 2020, OMV Petrom S.A. reached an agreement for the transfer of 40 marginal onshore oil and gas fields in Romania to Dacian Petroleum S.R.L. The transfer is part of the portfolio optimization program, which aims to streamline operations and focuses on the core and most profitable fields. The 40 fields to be transferred have a cumulated oil and gas production of approximately 1,700 boe/day, representing roughly 1% of OMV Petrom's production.
Please access the link here below to view the full report.http://www.rns-pdf.londonstockexchange.com/rns/1735C_1-2020-2-6.pdf