Strong Asset Performance Supports Energy Stability Amid Market Turbulence
Christina Verchere, CEO OMV Petrom: "In an exceptionally volatile first quarter, our assets delivered strong performance, with the refinery and power plant running at high levels. Their reliable output made a direct contribution to Romania’s security of supply and energy system stability during a turbulent period. This highlights, once again, the critical role of domestic production – both in upstream and downstream - in ensuring energy resilience.
Our financial results capture only partly the higher crude price and fuels quotations, as we maintained a moderate pricing policy in the context of sharp increase in March. The Clean CCS EBIT for the first quarter was of 1.5 bn lei, 16% higher yoy on improved results of the R&M and G&P segments. Investments of 1.6 bn lei, 14% up yoy supported the strategy progress, while contributions to the state budget remained high, at 4.1 bn lei, higher 9% yoy.
Looking ahead, we will continue to advance our conventional energy and low and zero carbon projects, further strengthening the resilience of our asset portfolio, while creating long-term value and securing energy for today and tomorrow."
Highlights Q1/26[2]
OMV Petrom Group
- Clean CCS Operating Result at 1.5 bn lei, 16% higher, on improved G&P and R&M results
- Net income decreased by 4%, to 1 bn lei
- CAPEX at 1.6 bn lei, 14% higher, mainly reflecting increased investments in low and zero carbon projects
- Contribution to the State Budget increased by 9%, to 4.1 bn lei
Exploration and Production
- Clean Operating Result at 660 mn lei vs. 827 mn lei in Q1/25, mainly reflecting lower gas prices, lower oil sales volumes and unfavorable FX effect, partly compensated by higher oil prices
- Production decreased by 3.1%, with gas production up by 1.7%, the contribution of workovers and new wells partly offsetting the natural decline
- Unit production cost at USD 18.7/boe, increased by 10%, mainly due to unfavorable FX effect as well as lower oil production volumes, partly compensated by cost optimization measures despite high inflationary pressure
Refining and Marketing
- Clean CCS Operating Result at 506 mn lei vs. 395 mn lei in Q1/25, reflecting mainly higher refining margin and sales volumes, partly offset by significantly lower marketing margins
- OMV Petrom indicator refining margin at USD 14.3/bbl, up by 74%, supported by strong middle distillate crack spreads
- Refinery utilization rate at 98%, unchanged yoy and maintained high to benefit from the strong refining margin environment
- Retail sales volumes increased by 4%
Gas and Power
- Clean Operating Result at 339 mn lei vs. (86) mn lei in Q1/25, with good contribution from both business lines
- Higher total gas sales volumes at 16.1 TWh, on larger volumes sold to wholesales and end users
- Higher Brazi power plant output increased by 32% to 1.6 TWh, accounting for 11% of Romania’s generation mix
[1] including preliminary unaudited condensed consolidated financial statements as of and for the period ended March 31, 2026
[2] All comparisons described relate to the same period in the previous year except where mentioned otherwise