OMV Petrom Group: results for Q3 and January – September 2016
including interim condensed consolidated financial statements as of and for the period ended September 30, 2016
Q3/16
- Free cash flow at RON 1.1 bn, based on capex prioritization and very good operational performance
- Clean CCS EBIT at RON 602 mn, supported by Downstream contribution
- Upstream production at 174 kboe/d; OPEX at 11.3 USD/boe, reflecting efficiency measures
- Downstream Oil: high refinery utilization rate and good retail sales volumes
- Downstream Gas: high gas and power sales, challenging gas market
Mariana Gheorghe, CEO of OMV Petrom S.A.:
"In the context of weak oil and gas prices and significantly reduced refining margins vs. previous year, OMV Petrom’s efforts focused on operational resilience and delivered good results. In Q3/16, we continued with CAPEX prioritization and strict cost discipline, which translated into a RON 1.1 bn free cash flow. Our constant focus on the most profitable barrels led us to revisit the CAPEX guidance for 2016, from EUR 0.7 bn to EUR 0.6 bn (-30% yoy).
In Upstream, the reduction in production costs and exploration expenses partly compensated the weak prices. The Downstream contribution to Group result was very strong, driven by good operational performance of both Downstream Oil and Downstream Gas, despite a challenging market environment. As a result of all our efforts, OMV Petrom delivered a clean CCS EBIT of RON 602 mn and a sound operating cash flow of RON 1.6 bn in Q3/16.
On 20 October 2016, the sale by Fondul Proprietatea of a 6.4% stake in OMV Petrom (in the form of shares and GDRs) was closed and led to an increase of our free float to 15.8%. On the same day, OMV Petrom’s GDRs started trading on the London Stock Exchange."
OMV Petrom published its results for Q3 and January – September 2016, on November 9, 2016 8.30am (local time) / 7.30am (CET) / 6.30am (GMT).
The presentation by
- Mariana Gheorghe, Chairman of the Executive Board and CEO
- Andreas Matje, Executive Board Member and CFO
was broadcast as a live webcast at 3.00pm (local time) / 2.00pm (CET) / 1.00pm (GMT).
A replay of the webcast is available on the link here below.
Download the quarterly report Q3/16, (PDF, 420,7 KB)
Download the Q3/16 results presentation, (PDF, 240,0 KB)
Download the Q3/16 results presentation with speech, (PDF, 1,4 MB)
Download the OMV Petrom Quarterly Historical IFRS figures 2014-2016, (XLS, 235,0 KB)
Click here to access the webcast, (edge.media-server.com)
OMV Petrom Group: results for Q3 and January – September 2016, (PDF, 420,7 KB)