Petrom Group: solid results for Q4 and January - December 2011 reflect improved operating performance underlined by continuous investments and a favorable price environment
- Clean Q4/11 results up compared to Q4/10: Petrom Group’s clean CCS EBIT was 76% higher, supported by a favorable crude price environment and continuously high investments; clean CCS net income attributable to stockholders is up 65% to RON 1,282 mn;
- Sustained investments and operational efforts led to excellent operational performance: stabilized production volumes in Romania; exploration efforts increasingly bear fruit; good progress with the power projects development as we marked our entry into the power business
- Outlook for 2012: E&P will focus on further stabilizing production volumes and the progress of exploration initiatives; increased focus on G&P with full commercial operation of the Brazi power plant now anticipated for H2/12; R&M will continue operational optimization and progress of the Petrobrazi modernization program
Mariana Gheorghe, CEO of OMV Petrom S.A.: "We look back at 2011 as a year of external challenges but strong financial results and outstanding operational performance. This was the result of high investment efforts, effective cost and operational management but also supportive crude prices. We managed to stabilize hydrocarbon production volumes in Romania and we are pleased by our positive exploration developments in Romania. We renewed exploration licenses and had successful results: potentially largest onshore gas discovery in recent years (exploration well Totea) and encouraging first data from deep offshore drilling early this year (joint-venture with ExxonMobil). 2011 marked our entry into the power business, as we started commercial operations at the wind power park Dorobantu. We also successfully completed construction of the Brazi gas fired power plant; however, full commercial operation is now anticipated for H2/12. Despite the subdued retail market demand, 2011 was the first year after privatization with a positive clean CCS operational result in R&M, supported by improved underlying operational performance in refining. Our focus remains on efficiency and sound financial discipline to maintain our business sustainability and achieve our growth potential. We stay committed to remaining a pillar of stability and a solid contributor to the economic growth of Romania."