In 2011, Petrom, the Romanian arm of Austria’s OMV (OMV.VI), reported a net profit of RON3.76 billion.
“After a recent period of volatile crude prices and macroeconomic uncertainty, 2012 was a year of relative stability, with strong operational and financial performance for Petrom,” said Mariana Gheorghe, Chief Executive Officer of OMV Petrom.
In its preliminary financial report, Petrom said average Urals crude prices increased 1% to $110.76/barrel, while the average group realized prices also rose 1% to $94/bbl.
Group production costs decreased 5% against 2011 to $15.37/ barrel of oil equivalent, helped by favorable exchange rates.
In the fourth quarter alone, Petrom posted a net profit of RON1.05 billion, up 26% from the same quarter of 2011.
The company reported earnings before interest and tax, or EBIT, rose 15% on the year to RON5.66 billion in 2012. Clean EBIT, adjusted for special one-time items, stood at RON5.85 billion, up from RON5.47 billion in the previous year.
Petrom said consolidated sales rose 16% on the year to RON22.26 billion (EUR5.3 billion) in 2012, largely boosted by higher product prices. The refining and marketing division contributed 82% to the consolidated sales in 2012, Petrom said.
The group’s oil, gas and NGL production reached 66.9 million boe in 2012, down 1% from around 67.8 million boe in 2010. Total oil, gas and NGL production in Romania fell 2% to 62.4 million boe, but output at the Kazakhstan fields increased 3% on the year to 4.5 million boe.
Crude oil production in Romania was 28.7 million bbl, 2% lower on the year, as the new drilling and maintenance programs could not fully offset the effects of harsh winter conditions at the beginning of the year and the natural decay, Petrom said. Domestic gas production reached 33.7 million boe, 1% lower compared with 2011
Group sales volumes decreased by 1% compared to 2011, in line with production.
Overall investment rose 3% to RON4.93 billion in 2012, from RON4.8 billion at the end of 2011.
At the end of 2012, the group’s total proved oil and gas reserves amounted to 775 million boe, while the proved and probable oil and gas reserves amounted to 1,09 million boe.
Petrom’s results are consolidated, unaudited and calculated according to IFRS.
On the Bucharest market Wednesday, Petrom closed up 3.02% at RON0.4471 a share. (EUR1=RON4.3799)