12 Jan 2023 07:00
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.
Contact details:
OMV Petrom S.A. Investor Relations
Tel: +40 372 161 930; Fax: +40 372 868 518E-mail: 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.