Petrom, the largest oil and gas producer in South Eastern Europe, published its results for the second quarter and January – June 2009, on August 5, 2009 at 8:30 (local time).
- Q2/09 results reflect the lower oil prices and sales in commercial fuels and gas; net profit was supported by the positive hedging and FX results, with our hedging strategy extended to 2010
- 5% reduction in oil and gas production volumes in Q2/09 against Q2/08 as gas market demand contracted significantly and due to minor technical issues
- Q2/09 retail sales volumes increased 19% over Q2/08, even under the actual adverse economical conditions, thanks to the optimum configuration of the filling stations network achieved through the sustained investments made in the past years
- Outlook for 2009: we expect a challenging market environment with persisting volatility of our key business drivers; we will continue to focus on securing the cash flow, further improving costs position and achieving the company's potential as an integrated energy player
You can download the presentation of the results here (pdf format):
The results will also be reviewed within OMV's analysts and investor conference call broadcast as a live audio-webcast at 11.30 am (CET)/ 12.30 (Bucharest time).
Mariana Gheorghe, CEO of Petrom:
"Although the economic downturn significantly impacted our results, we currently enjoy a sound financial and competitive market position made possible by both our last years' restructuring efforts and investment programs coupled with our timely response to the crisis. In E&P, we registered a decrease in our domestic production levels due to lower gas demand and minor technical issues, while achieving an important milestone with the first oil production from the Komsomolskoe field in Kazakhstan. We further pursued our energy efficiency initiatives in Refining and strengthened our position in the retail fuels market despite the stagnant market conditions. Furthermore, we took measures to secure our cash flow by extending the hedging strategy into 2010 and entering long term financing commitments. We remain committed to strong financial discipline and tight cost management. By balancing short-term needs with long-term objectives and by staying committed to our strategic direction including the Brazi power plant greenfield project, we lay a solid foundation for our sustainable development and competitiveness in the energy market."
|Key performance indicators
Employees at the end of the period
*Investments also include increases of Petrom share participations