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Petrom Group: strong results for Q2 and January − June 2011 driven by high crude price environment and operational performance improvements

Bucharest
August 10, 2011
8:30 am
7:30 am (CET), 6:30 am (BST)

  • Strong Q2/11 results and cash flows: Petrom Group clean CCS EBIT was 86% higher compared to Q2/10, driven by favorable crude price environment; clean CCS net income was 38% higher and cash flows from operations almost doubled compared to Q2/10
  • Operational highlights: Quarterly Group total hydrocarbon production continued to marginally increase, being 3% higher compared to Q2/10; downstream margins still under pressure as the high oil price burdens both refining and marketing margins, especially in retail
  • Outlook for 2011: We expect the Romanian market to gradually continue its recovery; the E&P focus will be to mitigate natural decline and the progress of exploration initiatives; R&M will continue operational optimization and the Petrobrazi modernization; increased focus on G&P to complete commissioning of the two power projects in H2/11

Petrom Investor News Q2 2011 IFRS, (PDF, 281,8 KB)