It said its operating result for 2020 decreased to RON1.46 billion, compared to RON4.24 billion in 2019, driven mainly by the unfavorable market environment, as the lower prices and the COVID-19 crisis had a negative impact on Group’s performance, and by the net impairments triggered by the revision of price assumptions.
Sales on the Downstream Oil segment represented 69% of total consolidated sales, Downstream Gas accounted for 29%, and Upstream for 2% (sales in Upstream being largely intra-group sales rather than third-party sales).
The Group’s investments reached RON3.2 billion in 2020, 24% lower than in 2019, mostly on the Upstream segment (RON2.3 billion).
Consolidated sales decreased by 37% to RON4.5 billion in the fourth quarter of 2020, compared with the same period in 2019, negatively impacted by lower sales volumes and prices for petroleum products and natural gas, as well as lower sales volumes for electricity, partially offset by higher prices for electricity. Downstream Oil represented 72% of total consolidated sales, while Downstream Gas accounted for 27% and Upstream for 2% (sales in Upstream being largely intra-group sales rather than third-party sales).
OMV Group targets investments of RON2.9 billion in 2021, excluding acquisitions.
The company will continue its partnership with Auchan and seeks to open up to 100 MyAuchan stores in upgraded Petrom-branded filling stations, compared with 25 stores end-2020.
As regards the Neptun Deep project, the Group expects the Offshore Law to be amended in the first part of 2021, as recently stated by the Romanian authorities.
On the production segment, OMV Petrom expects decline to maintain at around 5% compared with 2020, in Romania.
The Group will focus on portfolio optimization, seeking to complete the transfer of 40 marginal fields to Dacian Petroleum, in the first half of 2021, and the Kazakhstan assets divestment to Magnetic Oil Limited.
OMV Petrom is 51% owned by Austria’s OMV and 20.6% held by the Romanian State, via the Ministry of Economy, Energy and Business Environment.
SNP shares have been trading up 10% since the beginning of 2021, amid deals worth RON75 million, triggering a market value of RON22.6 billion for the company, per stock market data.