While in the middle of the restructuring process Petrom's Q1 results were influenced by a challenging environment
- Lower EBIT compared to the same period of 2006, but increased from the one registered in Q4/06
- Investments for the company’s efficiency and modernization up by 24% in Q1/07 compared to Q1/06
- Lower production decline rate demonstrates the efficiency of modernization measures
Mariana Gheorghe, CEO of Petrom: “In the first three months of the year we were confronted with a challenging environment characterized by a lower crude price and a strong appreciation of the local currency adversely impacting our results. The expected natural decline of production, that we are estimating to stabilize by end of this year, also influenced the results.
Such situations confirm once again the necessity of successfully implementing our strategy of restructuring and efficiency increase. We started the modernization process, first results can be seen, we benefit from the necessary financial and management resources and the know-how of OMV in order to achieve the results we are committed to.