Petrom Group: results for Q4 and January - December 2012
- Q4/12 vs Q4/11: Clean CCS EBIT up 7% to RON 1,824 mn
- Clean CCS net income attributable to stockholders advanced 6% to RON 1,362
- Broadly stable production in E&P, helped by new drilling and field redevelopment activities
- First full quarter with Brazi power plant in operation, covering 5% of Romania’s electricity production in Q4/12
- Positive R&M Clean CCS EBIT benefited from improved refining margins vs. Q4/11
- E&P weight in total CAPEX of EUR 1.1 bn increased to 76% in 2012, in line with our strategy
- Strong balance sheet structure to support future growth projects, with gearing ratio at 7% by end-2012
Mariana Gheorghe,CEO of OMV Petrom S.A.:"After a recent period of volatile crude prices and macroeconomic uncertainty, 2012 was a year of relative stability, with strong operational and financial performance for Petrom. This was the result of the preceding years of high capital investments in our core business and a focus on operational excellence. On the operating side, we largely offset the natural decline of hydrocarbon production and pursued exploration opportunities, started commercial operations at Brazi power plant and achieved incremental improvements of our refinery yield structure. The preliminary estimates of the first deepwater exploration well we drilled early 2012 in joint venture with ExxonMobil indicate a gas discovery. We also initiated the largest 3D seismic program in the Romanian sector of the Black Sea, in both deep and shallow waters. In 2013, our efforts will continue to focus on operational excellence, stabilize production volumes and capitalize growth opportunities via exploration works and exploration license acquisitions. To this end, one of our top priorities is the discussion with authorities to define a long-term, stable and reasonable fiscal and regulatory framework, prerequisite for the high, long-term investments required by the oil and gas industry."