OMV Petrom Investor News Q1/20

OMV Petrom Group results for January - March 2020 

including unaudited interim condensed consolidated financial statements as of and for the period ended March 31, 2020

Highlights Q1/20 vs Q1/19

Group

u Clean CCS Operating Result at RON 975 mn, 21% lower

u Clean CCS net income attributable to stockholders at RON 760 mn, down 28%

u Cash flow from operating activities at RON 1.4 bn, 10% lower

u CAPEX at RON 958 mn, up 16%

u Clean CCS ROACE at 12.5%, 2.6 pp lower

u LTIR: zero incidents

Upstream

u Clean Operating Result at RON 157 mn, down 81%, mainly due to lower oil and gas prices and higher depreciation

u Daily production decline below 2%, supported by increased production in Kazakhstan

u OPEX improved by 7% to USD 10.9/boe due to further operational efficiencies and favorable exchange rate

u Europe's largest onshore 3D seismic survey acquisition finalized ahead of schedule and on budget

Downstream Oil

u Clean CCS Operating Result at RON 514 mn, higher by 133% due to improved refining margins, as well as strong operational and sales performance, partly offset by the start of the pandemic crisis

u OMV Petrom indicator refining margin at USD 6.75/bbl, up 86%, due to better product spreads, except middle distillates, and lower crude price

u Refinery utilization rate at 96%; retail volumes up 1%

Downstream Gas

u Clean Operating Result at RON 147 mn, down 6%, as the impact from lower gas prices was largely offset by the positive effect from realized power forward contracts, reflecting the integrated model

u Gas sales volumes up 52%, covering all sales channels, supported by strong third party supply; net electrical output at 1.12 TWh, 3% higher, supported by lower, but positive spark spreads

u In Q1/20, OMV Petrom supplied the regulated gas market with 5.52 TWh. Brazi power plant did not receive an obligation to supply the regulated market in Q1/20

Response to COVID-19:

u The health of our employees re-emphasised as our top priority, implemented work from home and flexible working hours

u Operations continued while applying a comprehensive set of safety measures across the value chain to ensure security of supply of fuels, gas and power

u Financial measures:

o CAPEX guidance for 2020 reduced by 30% or RON 1.2 bn to RON 3 bn

o E&A and operational costs for 2020 cut yoy by around RON 320 mn

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

http://www.rns-pdf.londonstockexchange.com/rns/2825L_1-2020-4-29.pdf