Record investments and operational performance to ensure uninterrupted energy supply
Christina Verchere, CEO OMV Petrom:
In a volatile market environment, we delivered strong operational performance and continued to provide reliable energy to our customers. With energy markets under pressure, we focused on what matters most: keep energy flowing and building new capacities. Petrobrazi refinery operated above 98% in 9m/26, reaching 100% in the 3rd quarter, Brazi power plant delivered 9% of the power generated in Romania in 9m/26, and we largely offset the natural decline in the oil and gas production. At the same time, we advanced Neptun Deep towards first gas in H1 next year and continued to build our low-carbon energy business, strengthening Romania's long-term energy security.
Our nine months results reflect higher commodity prices and the strength of our integrated business model, as well as record high investments and increased state budget contributions. The net income was 4.1 bn lei, while investments exceeded 6.6 bn lei and taxes and dividends amounted to more than 16 bn lei.
Highlights 1-9/262
OMV Petrom Group
- Clean CCS Operating Result was RON 5.8 billion, 51% higher yoy, reflecting higher contributions from all business segments and the resilience of our integrated business model
- Net income increased by 18% to RON 4.1 billion
- CAPEX increased by 27% to RON 6.6 billion – a record level, exceeding the operating result and supporting key energy projects such as Neptun Deep, SAF/HVO and renewable power
- Taxes and dividends brought contributions to the state budget to over RON 16 billion, 38% more than in the first nine months of 2025
Exploration and Production
- Clean Operating Result at RON 2.7 billion vs. RON 1.9 billion in 9m/25, in a context of high commodity prices
- Production was around 101.7 kboe/day in line with expectations, 3% lower yoy, with good results from drilling and workovers partly offsetting the natural decline and the impact from different maintenance schedules
- Production cost at 17.9 USD /boe, similar as 9m/25
Refining and Marketing
- Clean CCS Operating Result was RON 2.8 billion vs. RON 1.8 billion, reflecting higher refining margin in the context of the geopolitical crisis and higher volumes sold
- OMV Petrom indicator refining margin reached USD 26.5/bbl USD 10.9/bbl in 9m/25 in the context of high commodity prices. The indicator refining margin impact is partly offset by higher crude supply, logistics and insurance costs triggered by the geopolitical context
- Excellent refinery utilization at 98%, reaching maximum capacity of 100% in Q3 and contributing to the security of fuels supply
Gas and Power
- Clean Operating Result was RON 472 mn vs. RON 13 mn in 9m/25, mainly from an improved power business result
- Total gas sales increased to 36 TWh by 5%
- Brazi power plant output was 3.4 TWh, 10% higher vs. 9m/25, despite a longer planned shutdown this year vs the one which took place in 2025. This production accounted for 9% of Romania’s generation mix
Key events
- OMV Petrom reported strong progress in executing Strategy 2030
- Emma Delaney was appointed as interim member of the Supervisory Board of OMV Petrom, effective 1 September 2026
Grow regional gas
- Romania: Neptun Deep advanced toward 1st gas in 2027, with the shallow water production platform installed, eight wells completed and the pipeline to shore laid
- Bulgaria: Drilling was completed in the Han Asparuh block. While no significant gas volume were found, the wells contribute to improve geological understanding of the area. OMV Petrom expanded in the Bulgarian Black Sea, by joining the exploration acreage in the Han Tervel block; transaction was completed in July 2026
Low carbon projects
- Electro-mobility: EU-supported project to expand electric vehicle charging network along a key Central Europe road transportation corridor was completed. The regional network of charging points has reached approximately 1,550 units
- Biofuels: All modules for the two green hydrogen projects, with a combined capacity of 55 MW, were delivered at Petrobrazi. Placement of part of future production from the SAF/HVO unit was secured
- Renewables3: Net capacities of 100 MW in operation and ~700 MW in construction, following the start of commercial operations of three projects in Romania and construction of the Gabare project in Bulgaria. OMV Petrom has signed the contract to build a battery energy storage system for the Ișalnița solar park, which comes in addition to the first battery energy storage project at Gabare, in Bulgaria
Modernization of traditional business
- Petrobrazi: OMV Petrom commissioned a new aromatics unit and invested ~ EUR 115 million in modernizing Petrobrazi’s electrical infrastructure
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1 Including interim unaudited condensed consolidated financial statements as of and for the period ended September 30, 2026
2 All comparisons described relate to the same period in the previous year except where mentioned otherwise
3 All figures are net to OMV Petrom