4 Feb 2021 07:00
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