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The presentation of the results for January - March 2008

Petrom, the largest oil and gas producer in South Eastern Europe, published its results for the first quarter of 2008, on May 7, at 8:30 (local time).

  • Strong results in Q1/08 driven by the favourable international oil price environment and  successful restructuring and modernisation efforts in all business segments: EBIT increased by 161% compared to Q1/07, net income by 156% while turnover was up by 35%
  • Investments almost tripled in Q1/08 compared to Q1/07, confirming the commitment to Petrom’s long term developments
  • Integration of Petromservice on track, creating the basis for increased efficiency in E&P
  • On schedule finalization of the tender for the construction of the Brazi power plant confirms entry into the power market

You can download the presentation of the results here (pdf format):

Report January – March 2008, (PDF, 260,6 KB)

Mariana Gheorghe, CEO of Petrom

“The strong results recorded in Q1/08 are the consequence of the favorable international oil price environment and the continuous progress of our restructuring and modernization programs. The successful turnaround programs in Exploration and Production started to yield results and the integration of the recently acquired oil service activities of Petromservice into the newly established business division, Exploration and Production Services, is progressing in line with the established schedule, and will lead to increased efficiency at the Exploration and Production activity. Similar good progress was recorded in Refining and Marketing, as well as in Gas and Power, with the investment programs advancing as planned. All these positive results reinforce our confidence that the modernisation of Petrom is on track and form the basis for the future growth of the company.”

Q4/07 Q1/08 Q1/07 ∆Q1 Key performance
  indicators (RON mn)

2007

2006

%
3,613 3,719 2,757 35% Turnover 12,284 13,078 -6%

332

1,029 394

161%

EBIT

1,965

2,777

-29%

754 1,269 623

104%

EBITDA

3,111

3,569

-13%

230

977

381

156%

Net income 1,778 2,285

-22%

1,444 2,047

551

271%

Investments*

3,820

2,937

30%

26,397

35,069

31,115

13%

Employees at the end of period

26,397

32,837

-20%

* investments include increases of Petrom share participations

On August 26, 2008 Petrom has published the consolidated financial statements for the six month period ended June 30, 2008. The financials are prepared in accordance with IFRS and in compliance with the Ministry of Finance Order 1121/2006.

Petrom consolidated financial statements for June 30, 2008, (PDF, 1,9 MB)