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OMV Petrom Group results for January – June and Q2 2018

including unaudited interim condensed consolidated financial statements as of and for the period ended June 30, 2018

OMV Petrom published its results for January – June and Q2 2018 on August 2, 2018, at 8.00am (local time) / 7.00am (CEST) / 6.00am (BST).

OMV Petrom Group Report Q2/18, (PDF, 256,5 KB)
OMV Petrom Factsheet Q2/18, (PDF, 121,6 KB)
OMV Petrom Q2/18 results presentation, (PDF, 1019,0 KB)
OMV Petrom Q2/18 results presentation_with speech, (PDF, 1,7 MB)
OMV Petrom Quarterly Historical IFRS figures 2016-2018, (XLS, 264,5 KB)
» Click here to access the webcast

Highlights Q2/18

  • Operating cash flow RON 1.4 bn
  • Dividends paid RON 1.1 bn
  • Clean CCS Operating Result RON 735 mn
  • Clean CCS ROACE 9.5%

In the first six months of 2018, the positive impact of improved commodity prices was partly offset by the effects of the planned refinery turnaround, which was delivered on time and on budget.

Our 6m/18 Clean CCS Operating Result reached RON 1.7 bn, stable yoy, with Upstream being the largest contributor. The six-week refinery turnaround impacted the Downstream Oil Clean CCS Operating Result by around RON (150) mn. In addition, the turnaround led to unrealized profits in amount of approximately RON (260) mn at Group level, which are eliminated in the Consolidation line. This effect will be reversed over the remainder of the year as stored crude is processed and crude inventories are reduced to normal levels.

Our operating cash flow reached RON 3.2 bn in 6m/18, up 7% yoy. In line with our guidance, we ramped up investments, more than doubling the number of wells and sidetracks in Upstream, while in Downstream Oil we completed the full-site refinery turnaround, moving to a four-year turnaround cycle. These translated into cash outflow from investments of around RON 2 bn, almost double yoy. In 6m/18 we paid dividends to the amount of RON 1.1 bn.

As a result of all the above, our free cash flow after dividends reached RON 93 mn in 6m/18.

You can find additional details in the enclosed report.

OMV Petrom Group results for January – June and Q2 2018, (PDF, 256,5 KB)