Published August 10, 2011

The presentation of the results for Q2 and January - June 2011

Petrom, the largest oil and gas producer in Southeastern Europe, published its results1 for Q2 and January – June 2011, on August 10, 2011 at 8:30 (local time).

Strong Q2/11 results and cash flows: Petrom Group clean CCS EBIT was 86% higher compared to Q2/10, driven by favorable crude price environment; clean CCS net income was 38% higher and cash flows from operations almost doubled compared to Q2/10
Operational highlights: Quarterly Group total hydrocarbon production continued to marginally increase, being 3% higher compared to Q2/10; downstream margins still under pressure as the high oil price burdens both refining and marketing margins, especially in retail
Outlook for 2011: We expect the Romanian market to gradually continue its recovery; the E&P focus will be to mitigate natural decline and the progress of exploration initiatives; R&M will continue operational optimization and the Petrobrazi modernization; increased focus on G&P to complete commissioning of the two power projects in H2/11

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

>> Results for Q2 and January – June 2011, (PDF, 281,8 KB)

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 OMV Petrom S.A.: "The second quarter shows good operational performance. On the back of the favorable crude price environment we benefited from increased production levels and resurgent fuel and gas demand from both the industry and commercial sectors, in particular in Romania. For the fourth consecutive quarter, for the first time since privatization, we managed to marginally increase our Group daily hydrocarbon production rates. Our exploration activity also recorded good progress recently, with the successful discovery of a potentially significant gas discovery (Totea) and the decision to enter the next exploration phase in the deepwater Black Sea, jointly with ExxonMobil. The effects of efficiency measures implemented brought further benefits to our underlying performance. The high crude price environment burdened refining and marketing margins due to higher crude costs and still weak retail demand. We maintain our focus on completing the commissioning of the two power projects in H2/11. In a gradually improving Romanian economy, we continue to capitalize on revenue increasing initiatives and efficiency improvement initiatives to support our underlying operational performance."

Q1/11	Q2/11	Q2/10	∆%	Key performance indicators (RON mn)	6m/11	6m/10	∆%	2010
1,192	1,224	728	68	EBIT	2,416	1,675	44	2,986
1,298	1,310	720	82	Clean EBIT	2,608	1,662	57	3,537
1,193	1,266	680	86	Clean CCS EBIT ²	2,459	1,593	54	3,325
840	903	718	26	Net income attributable to stockholders ³	1,744	1,521	15	2,201
841	935	677	38	Clean CCS net income attributable to stockholders ^{2, 3}	1,776	1,452	22	2,457
0.0148	0.0159	0.0127	26	EPS (RON)	0.0308	0.0268	15	0.0389
0.0149	0.0165	0.0120	38	Clean CCS EPS (RON) ²	0.0314	0.0256	23	0.0434
1,266	2,016	1,289	56	Cash flow from operations	3,282	2,213	48	4,630
-	-	-	n.a.	Dividend per share (RON)	-	-	n.a.	0.0177

¹ The financials are unaudited and represent Petrom Group’s (herein after also referred to as "the Group") consolidated results prepared according to IFRS; all the figures refer to Petrom Group, unless otherwise stated; financials are expressed in mn RON and rounded to closest integer value, so minor differences may result upon reconciliation; Petrom uses the National Bank of Romania exchange rates for its consolidation process
² Adjusted for exceptional, non-recurring items; clean CCS figures exclude special items and inventory holding effects (CCS effects) resulting from the fuels refineries
³ After deducting net income attributable to non-controlling interests