Strong operational results and progress in implementing Strategy 2030
OMV Petrom Group results for January – March 20251 including interim unaudited condensed consolidated financial statements as of and for the period ended March 31, 2025
Christina Verchere, CEO OMV Petrom: "In the first quarter of the year, we delivered strong operational performance. Hydrocarbon production saw its lowest first quarter decline in five years, and the utilization rates of our refinery and power plant were high.
Our Clean CCS Operating Result decreased by 29% compared to the first quarter of 2024 to RON 1.3 billion. This was obtained in the context of decreasing crude price and refining margins, and of the regulations on the gas and power market. The latter led to a negative result of the G&P segment for the second consecutive quarter.
OMV Petrom continues to be a strategic partner for the Romanian economy, through contributions to the state budget of RON 3.8 billion, up 18%. Investments were at RON 1.4 billion, up 44% year on year in Q1/25, mainly driven by the Neptun Deep project.
These investments have supported the progress of our Strategy 2030, through which we are developing a balanced energy mix of oil, gas and renewable power, contributing to the country's energy security.
Looking ahead, we will capitalize on our strong financial position and integrated business model, as we gear up for a record-high investment year in 2025 – an ambitious plan of 8 billion lei, that requires a predictable and competitive regulatory and fiscal framework."
Highlights Q1/252
Group
- Clean CCS Operating Result stood at 1.3 billion lei, 29% lower, reflecting strong operational performance and higher gas prices, offset by lower oil prices and refining margins, as well as regulatory interventions
- Net income decreased by 24% to 1.1 billion lei
- CAPEX at 1.4 billion lei, 44% higher, with increased investments in Neptun Deep
- Contribution to the state budget increased to 3.8 billion lei, 18% higher
Exploration and Production
- Clean Operating Result increased to 827 million lei vs. 728 million lei in Q1/24, mainly reflecting higher gas prices
- Production was down by 3.7% – the lowest Q1 decline in the last 5 years
- Production cost increased by 7% to USD 17/boe, on lower production available for sale and higher costs (including the new construction tax)
Refining and Marketing
- Clean CCS Operating Result was 395 million lei vs. 484 million lei in Q1/24, mainly due to decline of refining margin
- OMV Petrom indicator refining margin was USD 8.2/bbl, down 35%
- Refinery utilization rate stood at 98% in Q1/25, significantly above European average
Gas and Power
- Clean Operating Result -86 million lei vs. 433 million lei in Q1/24; the regulatory framework continued to negatively impact mainly the power business result
- Total gas sales increased to 13.1 TW, with higher volumes sold to wholesalers, while Brazi power plant offtake was lower
- Brazi power plant output was 1.2 TWh, accounting for 9% of Romania’s generation mix
Key events
- Start of development drilling for the Neptun Deep project, while also advancing the fabrication of equipment and construction of the natural gas metering station. Gas marketing activities continued
- Closing of farm-in transaction with NewMed for Han-Asparuh, thus progressing towards start drilling in 2025
- OMV Petrom started the construction of the largest sustainable aviation fuel (SAF) and renewable diesel (HVO) production unit in South East Europe at Petrobrazi refinery
- Signed the EPCC contracts for 4 photovoltaic parks to be developed in partnership with CE Oltenia
- First Sustainability Statement issued according to CSRD as part of 2024 Annual report
1 The financials are unaudited and represent OMV Petrom Group’s (herein after also referred to as “the Group”) interim consolidated results prepared according to IFRS; all the figures refer to OMV Petrom Group, unless otherwise stated; financials are expressed in RON mn and rounded to the closest integer value, so minor differences may result upon reconciliation; OMV Petrom uses the National Bank of Romania exchange rates for its consolidation process.
2 All comparisons described relate to the same quarter in the previous year except where mentioned otherwise.