Petrom Group: results for Q2 and January - June 2012

• Q2/12 vs. Q2/11: Clean CCS EBIT at RON 1,059 mn, down 16%, while clean CCS net income attributable to stockholders decreased by 18% to RON 769 mn
• Gearing ratio increased to 14% vs. 12% in Q2/11, triggered by lower cash flow from operations and dividend payment; CAPEX increased by 13% vs. Q2/11 to reach RON 1,180 mn
• E&P result slightly higher vs. Q2/11 supported by the stronger USD against RON
• G&P continued to benefit from the positive contribution of the gas business and Dorobantu wind park
• Petrobrazi refinery six-week planned shutdown enables Petrom to process its entire domestic crude production
  
  Mariana Gheorghe,CEO of OMV Petrom S.A.:"In the first half of 2012 we achieved better financial performance compared with the same period in 2011, thanks to marginally higher crude price and favorable FX environment. Q2/12 operational result was burdened by lower hydrocarbon production due to the decline at some key fields in Romania and the Petrobrazi refinery six-week planned shutdown to upgrade the crude vacuum distillation unit which enables the processing of Petrom’s entire domestic crude production while increasing middle distillates yield and reducing energy consumption. This June, the Supervisory Board has approved Petrom’s strategic directions for 2021. Petrom remains committed to delivering sustainable performance and focusing on potential upstream growth opportunities. This will require continuing our investments in the range of EUR 0.8-1.2 bn p.a. in the next years, assuming robust market fundamentals and investment-friendly regulatory and fiscal environment."

Petrom Group: results for Q2 and January - June 2012 (PDF, 464,5 KB)