Petrom, the largest oil and gas producer in Southeastern Europe, published its results for Q3 and January-September 2013, on November 7, 2013 at 8:30 (local time).
Q3/13 vs Q3/12:
- Clean CCS EBIT increased 22%, mainly driven by higher realized oil price and strong cost management
- Daily production in Romania advanced slightly, supported by workovers, intensive drilling and field redevelopment activities
- Investments in E&P increased 37% vs Q3/12, in line with our Group strategy to spend around 80% of CAPEX in E&P
- Black Sea: seismic data processing ongoing; drilling activities to be resumed next year
- Lower contribution from downstream, reflecting challenging market environment
Mariana Gheorghe, CEO of OMV Petrom S.A.: "In the third quarter we continued to deliver a solid performance, benefiting from a favorable crude price environment and cost optimization. In E&P, over the first nine months of 2013, we managed to achieve the first year-on-year production stabilization at Group level since privatization, as a result of continuous investments. Exploration offshore is progressing and, in joint venture with ExxonMobil, we aim to resume drilling in the Neptun block around mid-2014. G&P performance reflected the challenging market environment with subdued demand and low electricity prices, while in R&M, refining margins remained under pressure. Going forward, we will maintain our focus on delivering on our operational excellence initiatives and investment program. These initiatives remain essential prerequisites for a sustainable performance and cash flow generation that will support our ambitious investment program in the Black Sea in the coming years, in an investment-friendly taxation and regulatory environment."
You can download the presentation of the results here:
Results for Q3 and January-September 2013, (PDF, 291,2 KB)
The results will also be reviewed within OMV's analysts and investor conference call broadcast as a live audio-webcast at 11.30 am (CET)/12.30 (Bucharest time).
The information necessary to connect to the audio-webcast can be found by accessing this link.