28 Jul 2021 07:00
OMV Petrom S.A.
OMV Petrom Group results for January - June and Q2 2021
including interim unaudited condensed consolidated financial statements as of and for the period ended June 30, 2021
Highlights Q2/21 vs Q2/20
Group
u In Romania demand for our products broadly recovered to pre-COVID levels
u Clean CCS Operating Result at RON 0.9 bn, 209% higher
u Clean CCS net income attributable to stockholders at RON 0.7 bn, up 113%
u Cash flow from operating activities at RON 1.5 bn, 23% higher
u CAPEX at RON 0.6 bn, up 4%
u Free cash flow after dividends improved by 66% to RON (0.4) bn; RON 1.7 bn dividend payment in June
u Clean CCS ROACE at 7.4%, 3 pp lower
u TRIR: 0.53 (Q2/20: 0.38)
Upstream
u Clean Operating Result at RON 473 mn vs. RON (130) mn in Q2/20, mainly due to higher oil and gas prices
u Production decreased by 9.2%, mainly due to the divestment of production assets in Kazakhstan and high natural decline in the main fields
u Production cost increased by 24% to USD 12.4/boe, mainly driven by lower production available for sale and unfavorable FX
Downstream Oil
u Clean CCS Operating Result at RON 403 mn, up 38% reflecting recovering demand and refining margins
u OMV Petrom indicator refining margin at USD 4.27/bbl, up 131% on higher product spreads, mainly for gasoline and middle distillates
u Refinery utilization rate at 91%, compared to 89% in Q2/20; significantly above the European average
u Retail volumes 37% higher, reflecting relaxation of mobility restrictions
Downstream Gas
u Clean Operating Result at RON 61 mn, 59% lower yoy, on lower contribution from power forward contracts and one-off revenue in Q2/20
u Gas sales volumes down by 14%, due to a high base effect from regulatory-required sales in Q2/20
u Net electrical output at 0.70 TWh, 23% higher, in the context of the planned shutdown of Brazi power plant completed in Q2/21 (no shutdown in Q2/20)
Key events
u OMV Petrom closed the divestment of the subsidiaries in Kazakhstan
u OMV Petrom and Renovatio announced a partnership for electric mobility in Romania
u OMV Petrom to invest approximately EUR 70 mn at Petrobrazi for replacing the Coke Drums by end-2023, of which EUR 11 mn this year
u OMV Petrom enters the liquefied natural gas distribution market
Please access the link here below to view the full report.
http://www.rns-pdf.londonstockexchange.com/rns/7244G_1-2021-7-28.pdf