Petrom Group: solid results for January - March 2011 supported by favorable crude price environment
Bucharest
May 11, 2011
- Strong Q1/11 results: Petrom Group clean CCS EBIT was 31% higher compared to Q1/10, driven by favorable crude price environment; clean CCS net income was 9% higher; approved gross dividend per share of RON 0.0177, corresponding to a payout ratio of 46%
- Operational highlights: Quarterly Group total hydrocarbon production increased yoy, for the first time since privatization; downstream margins under pressure – high oil price burdens both refining and marketing margins, gas acquisition cost increased due to higher import quota and import prices
- Outlook for 2011: We expect the Romanian market to gradually come out of recession; E&P focus will be to largely offset natural decline and to unlock potential; R&M will pursue operational optimization and the Petrobrazi modernization; increased focus on G&P, which will start commercial operations in the power business in H2/11