including interim financial statement as of March 31, 2016
Q1/16 vs. Q1/15
- Group results negatively impacted by the decrease in oil prices, partly compensated by efficiency measures implemented across all business segments as well as business integration benefits
- Upstream: total group hydrocarbon production down 3% yoy, mainly due to reduced investments, increased number of uneconomic wells and planned maintenance at key wells
- Downstream Oil: refinery utilization rate improved to 94%; retail sales volumes up by 3%
- Downstream Gas: Gas sales impacted by lower volumes in storage and the decline of national demand
- Neptun Deep: exploration drilling activities finalized early January; ongoing data analysis and interpretation
Mariana Gheorghe, CEO of OMV Petrom S.A.:
"In the first three months of 2016, the Group financial results were impacted by the steep drop in oil prices. In response, we have further implemented measures to reduce both operating costs and capital spending. Our investments were prioritized based on long-term value generation and CAPEX was reduced by approx. 28% yoy. This has naturally impacted the total hydrocarbon production in Upstream. However, on the back of our integrated business model, the negative Upstream result for Q1/16 was more than compensated by the positive contribution from both Downstream Oil and Gas.
Downstream Oil benefitted from increased demand for refined oil products and lower cost for own crude consumed, whereas Downstream Gas further experienced a challenging environment on both gas and power markets.
Considering a prolonged depressed price environment, we will continue to adjust our activity level, maintaining a strong balance sheet and protecting our free cash flow position. In this context, a stable, predictable and investment-friendly fiscal and regulatory framework is even more critical to continue investments for both managing natural decline and further onshore and offshore developments."
OMV Petrom published its results for January – March 2016, on May 11, 2016 at 8.30am (local time) / 7.30am (CEST) / 6.30am (BST).
The presentation by
- Mariana Gheorghe, Chairman of the Executive Board and CEO
- Andreas Matje, Executive Board Member and CFO
was broadcasted as a live webcast at 3.30pm (local time) / 2.30pm (CEST) / 1.30pm (BST).
A replay of the webcast is available on the link here below.
Download the quarterly report Q1/16, (PDF, 390,4 KB)
Download the OMV Petrom Q1/16 results presentation, (PDF, 569,1 KB)
Download the OMV Petrom Quarterly Historical IFRS figures 2014 - 2016, (XLS, 235,0 KB)
Click here to access the webcast, (edge.media-server.com)