OMV Petrom Group results for January – September and Q3 2018
including unaudited interim condensed consolidated financial statements as of and for the period ended September 30, 2018
- Clean CCS Operating Result RON 1.7 bn, up 62% yoy
- Operating cash flow RON 2.4 bn, up 62% yoy
- Clean CCS EPS up 78% yoy
- Clean CCS ROACE at 11.8%
In the first nine months of 2018, OMV Petrom benefited from improved commodity prices and higher power demand. Our 9m/18 Clean CCS Operating Result reached RON 3.4 bn, 25% higher yoy, with Upstream being the main contributor. The Downstream Clean CCS Operating Result amounted to RON 1.2 bn with a strong operational performance partially compensating the effects of the refinery turnaround in Q2/18 and the weaker refining margin environment compared to 2017.
Our operating cash flow increased to RON 5.6 bn in 9m/18, mirroring the Clean CCS Operating Result trend. In line with our guidance, we increased investments yoy, almost doubling the number of wells and sidetracks in Upstream, completing the refinery turnaround and advancing other Downstream Oil projects. As a result, our cash outflow for investing activities reached RON 3.1 bn. The 9m/18 free cash flow after dividends amounted to RON 1.3 bn.
In September 2018, we signed the transfer of nine marginal fields to Mazarine Energy, continuing our Upstream portfolio optimization initiatives.
The offshore law was approved by Parliament. We are currently reviewing the law to understand how it will impact our offshore business. Given the timeframe, we do not see a Neptun Deep final investment decision in Q4/18.
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OMV Petrom Investor Relations
Tel: +40 372 161930, Fax: +40 372 868518