This trading update provides basic provisional information on the economic environment as well as OMV Petrom Group's key performance indicators for the quarter ended June 30, 2022. The OMV Petrom Group’s results for Q2/22 will be published on July 28, 2022. The information contained in this trading update may be subject to change and may differ from the final numbers of the quarterly report.
In the context of an extraordinarily high Urals-Brent differential, triggered by the geopolitical context, starting Q2/22 the transfer price between Exploration & Production and Refining & Marketing is now based on Brent instead of Urals, as Urals is no longer a relevant reference. The transfer price is at arm’s length and takes into consideration the quality difference between Brent and the currently produced crude mix. Sensitivities to changes of Brent crude price and the indicator refining margin remain unchanged, as published on OMV Petrom website. The impact on Group clean CCS Operating Result is expected to be neutral as there is a segment profit shift between Refining & Marketing and Exploration & Production.