Record high investments in the first half of 2025
Christina Verchere, CEO OMV Petrom: "In the first half of the year, we had record high investments of 3.3 billion lei, almost 40% higher compared to the same period of the last year. These allowed us to advance key projects such as Neptun Deep, renewable power and biofuels. We also continued significant investments in our traditional E&P business and expanded our footprint in the region, specifically in Bulgaria.
Our half-year performance was impacted by volatile and lower crude oil prices, while planned turnarounds at key assets across all business segments temporarily affected production volumes in the second quarter. The G&P business remained highly regulated, leading to a negative result of this segment.
Our Clean CCS operating result decreased by 22% yoy to 2.5 billion lei, while our contribution to the state budget stood at a high level of ~ 8 billion lei. In addition, June, we started the payment of base dividends.
For 2025 we have a record high investment plan, of ~8.6 billion lei which requires a predictable and competitive regulatory and fiscal framework. In the context of the challenging market environment, we remain focused on strict cost discipline and operational excellence to deliver long-term value for all our stakeholders."
Highlights 1-6/25[1]
OMV Petrom Group
- Clean CCS Operating Result stood at 2.5 billion lei, 22% lower, mainly due to lower oil prices, the impact of gas and power regulations as well as planned maintenance activities in all business segments in Q2/25
- Net income decreased by 21% to 2.1 billion lei
- CAPEX at 3.3 billion lei, 37% higher, with increased investments in Neptun Deep
- Contribution to the state budget at 7.9 billion lei
- Payment of record base dividends started in June
Exploration and Production
- Clean Operating Result at 1.5 billion lei vs. 1.6 billion lei in 1-6/24, mainly driven by lower crude price and hydrocarbon volumes, higher gas taxation and higher production costs
- Production was down by 5.4%, in line with expectation, mainly due to planned maintenance activities and natural decline in main fields, partly offset by the contribution of workovers and new wells
- Production cost increased by 13% to 17.7USD /boe, on lower production available for sale and higher costs (including the new construction tax)
Refining and Marketing
- Clean CCS Operating Result was 0.9 billion lei vs. 1.2 billion lei in 1-6/24, mainly due to lower refining margins and lower refinery utilization in the context of the planned shutdown in May 2025
- OMV Petrom indicator refining margin was USD 9.2/bbl, down 17% as a result of weaker spreads for gasoline and middle distillates
- Refinery utilization rate stood at 87%, in the context of the 20-day planned shutdown of the Petrobrazi refinery in May 2025
Gas and Power
- Clean Operating Result at (94) million lei vs. 382 million lei in 1-6/24; the regulatory framework continued to negatively impact the power business result
- Total gas sales increased to 22.6 TW, 11% higher
- Brazi power plant output was 1.8 TWh, accounting for 8% of Romania’s generation mix, in the context of the planned maintenance
Key events
Grow regional gas
- Neptun Deep: start of development drilling, while progressing with the fabrication of equipment and construction of NGMS; continued gas marketing activities
- Han-Asparuh (Bulgaria): closing of the farm down transaction with NewMed and progress towards the start of exploration drilling in Q4/25. Drilling rig contracted.
Decarbonization of power
- Bulgaria: acquisition of a 50% interest in one of Bulgaria’s largest photovoltaic projects
- Awarded EPCC contracts for all 4 PVs parks to be developed with CE Oltenia
Decarbonization of transport
- SAF/HVO unit: start construction and feedstock secured through contract for used cooking oil acquisition
- E-mobility: ~1,000 charging points available
Optimize traditional business
- New natural gas discovery in Spineni, near Craiova
- Planned shutdowns were successfully performed across all business segments: in E&P – in Asset Petromar and Asset Crișana, in R&M at Petrobrazi refinery and in G&P at Brazi power plant
[1] All comparisons described relate to the same period in the previous year except where mentioned otherwise