OMV Petrom Group: results for Q2 and January – June 2017
including interim condensed consolidated financial statements as of and for the period ended June 30, 2017
OMV Petrom published its results for Q2 and January-June 2017 on August 10, 2017, at 8.30am (local time) / 7.30am (CEST) / 6.30am (BST).
» OMV Petrom Group Report Q2/17
» OMV Petrom Factsheet Q2/17
» OMV Petrom Q2/17 results presentation
» OMV Petrom Q2/17 results presentation with speech
» OMV Petrom Quarterly Historical IFRS figures 2016-2017
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- Strong free cash flow after dividends of RON 397 mn
- Clean CCS Operating Result at RON 892 mn, equally contributed by Upstream and Downstream
- Excellent clean CCS EPS at RON 0.0122
Mariana Gheorghe, CEO of OMV Petrom S.A.:
"In the first six months of 2017, we converted favorable market conditions into solid operational and financial performance. We were supported by increased oil prices, strong refining margins and higher demand for all our products. In addition, we continued our strict cost discipline. As a result, our 6m/17 Clean CCS Operating Result reached RON 1.66 bn, with both Upstream and Downstream showing significant increases. In Upstream, further reduced production cost per barrel fully offset the production decline. Downstream Clean CCS Operating Result increased by 70% yoy on better contributions from both Oil and Gas. Operating cash flow of RON 3 bn, up 68% yoy, combined with CAPEX reduction and RON 0.8 bn dividend payment, led to a free cash flow after dividends of RON 1 bn.
We revised down our 2017 CAPEX guidance to EUR 0.7 bn from EUR 0.8 bn, due to wells portfolio optimizations, savings and project revisions; nevertheless, we are prepared for a ramp up in investments in the second half of 2017, especially given our strong balance sheet. We maintained the guidance for the daily average production decline of around 3% yoy, not including portfolio optimization initiatives.
In July, we signed the contract for the sale of Dorobantu wind park, as part of our strategy to focus on core activities. In addition, we resumed operations at the Brazi power plant, at half capacity, on July 5.
On August 1, the transfer of 19 marginal fields took place. A new round of divestments was initiated in line with our strategic direction of value over volume."
You can find more from the enclosed report.