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Petrom secures its strong financial position by extending its oil price hedges into 2012

2011-10-06

Petrom hereby announces its oil price hedges were extended into 2012 in order to partly protect its cash flow from the negative impact of potentially lower oil prices. To this end, derivative instruments have been used to hedge earnings in the Exploration and Production business segment for 30,000 bbl/d in 2012. Petrom has entered into oil price swaps, locking in a Brent price of approx. USD 101.0/bbl for a production volume of 30,000 bbl/d. These hedged volumes are covered until the end of 2012.

By extending its oil price hedges into 2012, Petrom secures its strong financial position needed to support the company’s investment program, notwithstanding a potentially highly volatile oil price environment.