Petrom Group: results for January - March 2012
- Clean CCS EBIT increased to RON 1,646 mn, up 38% compared to Q1/11 driven by higher oil price and stronger USD
- Operating performance further supported by strict cost management measures and sustained level of investments, with CAPEX of RON 1,148 mn, up RON 515 mn vs. Q1/11
- Harsh weather conditions impacted our volumes: Group daily oil and gas production volumes decreased slightly to 184 kboe/d vs. 186 kboe/d in Q1/11; consolidated gas sales volumes up 5% yoy
- Total marketing sales volumes decreased by 7% yoy due to both severe weather conditions and a difficult price environment
- Potentially significant gas discovery in the Romanian offshore deep waters
Mariana Gheorghe, CEO of OMV Petrom S.A.: "In Q1/12, the higher crude price and stronger USD against RON positively impacted our results in the E&P segment whilst placing a further burden on R&M margins and volumes. During the quarter, we made good progress in our key investment projects and continued to strengthen our operational performance due to the impact of strict cost management measures. Following the drilling of the first ever deep water exploration well in the Romanian Black Sea, in joint venture with ExxonMobil, a potentially significant gas discovery was confirmed. The extreme weather conditions we witnessed in the first two months of 2012 caused technical disruptions which impaired our production volumes in E&P to a limited extent and dragged down our marketing sales. However, our gas sales volumes benefited from the harsh winter and we also recorded improved margins mainly on gas extracted from storage. On April 27, 2012, our shareholders approved the distribution of RON 1.76 bn in dividends from 2011 profits. For 2012, we stay committed to capitalize on our growth opportunities and further pursue efficiency initiatives in order to achieve our sustainable development objectives, while maintaining our sound financial discipline."