OMV Petrom Group: results for Q3 and January – September 2017
including interim condensed consolidated financial statements as of and for the period ended September 30, 2017
OMV Petrom published its results for Q3 and January-September 2017 on November 9, 2017, at 8.30am (local time) / 7.30am (CET) / 6.30am (GMT).
» OMV Petrom Group Report Q3/17
» OMV Petrom Factsheet Q3/17
» OMV Petrom Q3/17 results presentation
» OMV Petrom Q3/17 results presentation with speech
» OMV Petrom Quarterly Historical IFRS figures 2016-2017
» Conference Call Q&A Transcript
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Highlights Q3/17
- Strong free cash flow of RON 959 mn
- Clean CCS Operating Result at RON 1,042 mn, of which around 60% from Downstream
- Excellent clean CCS EPS at RON 0.0137
- Free float increased to 18.35%
Mariana Gheorghe, CEO of OMV Petrom S.A.:
"In Q3/17, we enjoyed another quarter with strong macroeconomic fundamentals supporting higher demand for our products and higher sales volumes. We benefitted from increased commodity prices and very strong refining margins. In addition, we continued our strict cost discipline to increase our competitive position and moved forward with investments.
As a result, our 9m/17 Clean CCS Operating Result reached RON 2.7 bn, with both Upstream and Downstream showing significant increases. In Upstream, further reduced production costs overcompensated the impact of production decline. In Downstream Oil, the solid results reflected higher sales volumes, mostly in retail, and a continued high asset utilisation. Downstream Gas had an improved performance and benefitted from the booking of insurance revenues for the Brazi power plant. The free cash flow improvement was a result of higher operating cash flow and lower investments.
We expect 2017 CAPEX to be below EUR 0.7 bn, while maintaining the guidance for the daily average production decline.
On September 21, 2017, our free float increased to 18.35% as a result of the sale of a 2.56% stake by Fondul Proprietatea.
We have recently seen progress with respect to government proposals regarding the royalty regime, for both onshore and offshore, as well as the operational framework for offshore activities."
You can find additional details in the enclosed report.