OMV Petrom delivers resilient results with record investments of 7.8 billion lei and progresses on key projects amid market volatility
Christina Verchere, CEO OMV Petrom: "2025 was a strong year for our Strategy 2030 implementation, as we delivered tangible results for all our strategic projects, underpinned by investments at ~7.8 bn lei.
Our net income decreased by 27% to ~3 bn lei, impacted by impairments related to abandonment obligations and higher E&P taxation, while our 2025 Clean CCS operating result was 10% lower yoy, at ~ 5.2 bn lei. Our contribution to the state budget through taxes and dividends remained robust, at ~ 16 bn lei.
In a volatile market, our results showcased the resilience of our integrated business model, with the performance of our downstream businesses partially offsetting the impact of lower crude prices. This was particularly visible in the fourth quarter.
We expect another challenging year ahead, with high volatility in prices and sluggish economic growth, in a complex geopolitical context. Maintaining firm cost discipline within a stable fiscal and regulatory framework is critical for preserving our capacity to execute record‑high investments of ~9 bn lei.
Looking ahead, in a context of increased energy‑security focus and solid hydrocarbon demand, we have fine-tuned several strategic targets in line with expected market dynamics. We remain focused on the energy transition while adjusting our GHG targets in light of this changing demand pattern."
Highlights FY2025[2]
OMV Petrom Group
- Net income decreased by 27% to 3.1 bn lei, impacted by net impairments of 2.2 bn lei, mainly related to abandonment obligations following the agreed principles between OMV Petrom and the Romanian state, as well as of impairments for tangible assets in E&P.
- Clean CCS Operating Result was 5.2 billion lei, 10% lower yoy, mainly impacted by lower crude prices and volumes.
- Organic CAPEX reached a record level of 7.7 bn lei, up 23%, mainly driven by higher investments for Neptun Deep project. Total CAPEX increased to 7.8 bn lei, 9% up yoy.
- Contribution to the state budget remained stable at ~16 bn lei.
- Executive Board’s initial dividend proposal: total dividend/share (DPS): RON 0.0578, down 10% yoy, of which base DPS of RON 0.0466 and special DPS of RON 0.0112.
Exploration and Production
- Clean Operating Result decreased 27% to 2,174 mn lei, mainly due to lower prices and volumes for oil.
- Production decreased 4% to 104.5 kboe/day - the second-best result recorded in the past eight years, with a higher decline for oil and condensate, while gas remained stable.
- Production cost increased by 9% to USD 17.8/boe, largely attributable to external pressures such as FX developments and construction tax.
Refining and Marketing
- Clean CCS Operating Result was stable at 2,453 mn lei.
- OMV Petrom indicator refining margin increased 35% to USD 12.4/bbl in 2025
- Refinery utilization rate decreased to 93% vs. 97% in 2024, reflecting the planned shutdown in Q2/25 and crude supply challenges in Q3/25.
- Total refined product sales decreased by 5% to 5.5 mn tones, while retail sales remained flat at 3.2 mn tones.
Gas and Power
- Clean Operating Result was similar to 2024 level, at 356 mn lei.
- Total gas sales increased by 12% to 48.3 TWh, highest annual level since 2021.
- Brazi power plant output was 4.7 TWh vs. 4.9 TWh in 2024, covering 9% in Romania’s generation mix.
Key Events
Strategy 2030: strategy targets adjusted to reflect energy transition pace
- The total investment budget of ~EUR 11 bn for 2022-2030 is maintained, with the share of Low and zero carbon changing to ~25% (from ~35%), while increasing Traditional business and Regional gas growth investments.
- Higher hydrocarbon production target: ~170 kboe/day supported by higher investments, enabled by production license extension.
- Adjusted GHG targets.
Grow regional gas
- Romania - Neptun Deep: continuing development drilling, while progressing with the fabrication of equipment and construction of natural gas metering station; continued gas marketing activities.
- Prolongation of exploration phase for Neptun Block; Anaconda-1 well to be drilled after the Neptun Deep project development drilling.
- Bulgaria - Han-Asparuh: Exploration drilling campaign started in December 2025, planning to drill two wells. Partnership consolidated through the entry of NewMed Energy (45%) and of the state‑owned company BEH (10%).
Optimize traditional business
- Onshore exploration licenses extended and agreed principles for production licenses extension by 15 years in Romania.
- Natural gas discovery in Spineni, near Craiova.
- Planned shutdowns were successfully performed across all business segments in the second quarter: in E&P – in Asset Oltenia, in R&M at Petrobrazi refinery and in G&P at Brazi power plant.
- New sulphur recovery unit at the Petrobrazi refinery commissioned.
- Expansion of activity in the bitumen field, through two strategic partnerships with Romanian companies.
Low carbon projects
- Started construction works at the sustainable fuels unit (SAF/HVO) at Petrobrazi.
- 900 MW renewable power capacity under construction in Romania. Started construction works at the 4 PVs parks (550 MW) to be developed with CE Oltenia.
- Acquired a 50% interest in one of Bulgaria’s largest photovoltaic projects.
- Expanded regional EV charging network to ~1,350 points
Social projects: ~20.5 mn euro
- OMV Petrom Foundation: ~12.5 mn euro – covering early education (“Start in Education” & “Let’s be friends!”), early health (“First step to health” & “Baby Box”), environment (“Green for the Alpha Generation”), NGO sector capacity building (“BRAVoluntar”).
- OMV Petrom: ~8 mn euro – including medical caravans, education programs (“Prahova Fund for Education“ and “Let’s click on Romania”), and environmental initiatives (“Romania plants for tomorrow”).
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[1] including preliminary unaudited condensed consolidated financial statements as of and for the period ended December 31, 2025
[2] All comparisons described relate to the same period in the previous year except where mentioned otherwise.