PETB.L Regulatory News (PETB)

OMV Petrom S.A.

29 October 2020

OMV Petrom Group results for January - September and Q3 2020 

including unaudited interim condensed consolidated financial statements as of and for the period ended September 30, 2020

Highlights Q3/20 vs Q3/19

Group

uResults supported by demand recovery from the COVID-19 crisis lows and enhanced by vertical integration

uClean CCS Operating Result at RON 0.6 bn, 54% lower

uClean CCS net income attributable to stockholders at RON 0.5 bn, down 54%

uCash flow from operating activities at RON 1.7 bn, 18% lower

uCAPEX at RON 0.8 bn, down 24%

uFree cash flow after dividends at RON 1.1 bn, 23% lower

uClean CCS ROACE at 8.4%, 6 pp lower

uLTIR: 0.19 (Q3/19: 0.40)

Upstream

uClean Operating Result at RON (46) mn vs. RON 546 mn in Q3/19, mainly due to lower oil and gas prices

uProduction decline at 6%, reflecting natural decline and planned maintenance activities

uOPEX up 8% to USD 11.2/boe, on lower production available for sale and unfavorable FX

Downstream Oil

uClean CCS Operating Result at RON 373 mn, 36% lower, on declining refining margins, partly counterbalanced by good performance of the sales channels in the context of the pandemic crisis

uOMV Petrom indicator refining margin at USD 0.94/bbl, down by 85%

uRefinery utilization rate at 86%, reflecting the planned shutdown in July

uRetail volumes lower by only 3%, reflecting recovering demand

Downstream Gas

uClean Operating Result at RON 190 mn, more than 3 times higher, driven by the excellent power business performance

uNet electrical output 30% higher at 1.31 TWh, supported by positive spark spreads

uGas sales volumes dropped 9%, on lower quantities sold to wholesalers

Key events

uOMV Petrom completed the acquisition of Han Asparuh offshore Bulgaria interest

uOMV Petrom and Auchan Retail Romania announced the agreement to extend their partnership. Approximately 400 MyAuchan proximity stores will be opened in the Petrom-branded filling stations network in Romania, in the next five years

uOMV Petrom and Enel X partnered to install 10 fast recharging stations for electric cars in filling stations in Romania

uOMV Petrom recorded net impairments of RON 399 mn before tax, triggered by revision of mid- and long-term price assumptions

uOMV Petrom's Supervisory Board appointed Mr. Christopher Veit as new Executive Board member responsible for Upstream

Please access the link here below to view the full report.

http://www.rns-pdf.londonstockexchange.com/rns/5925D_1-2020-10-29.pdf