The sales evolution was negatively impacted by lower prices and sales volumes of petroleum products, largely offset by higher prices and sales volumes of electricity and natural gas.
Refining and Marketing segment represented 67% of total consolidated sales, Gas and Power segment accounted for 33%, while sales from Exploration and Production segment accounted only for 0.2% (sales in Exploration and Production being largely intra-group sales rather than third-party sales).
Reported Operating Result decreased to RON2.19 billion, compared to RO 3.020 billion, mainly as a result of market developments and regulatory framework.
The company carried out RON3.3 billion investments, 37% higher than in the year-earlier period. „Exploration and Production investments totalled RON 2,424 mn (6m/24: RON 1,662 mn), Refining and Marketing investments amounted to RON 740 mn (6m/24: RON 596 mn), while Gas and Power investments amounted to RON 120 mn (6m/24: RON 117 mn). Corporate and Other investments were RON 31 mn (6m/24: RON 40 mn)”.
For the entire year, OMV Petrom has earmarked investments of around RON8 billion, mainly in the Neptun Deep project, as well as low and zero carbon projects, mostly SAF/HVO, renewables and EV charging points.
Hydrocarbon production decreased to 19.0 mn boe or 104.9 kboe/d (6m/24: 20.2 mn boe or 110.9 kboe/d), reflecting the natural decline in the main fields and planned maintenance activities, partly offset by the contribution of workovers and new wells. Total hydrocarbon production decreased by 6.0%, a higher decline compared to daily average production decrease of 5.4%, as 2024 was a leap year. Crude oil and NGL production decreased by 7.7% to 8.9 mn bbl, while gas production decreased by 4.4% to 10.1 mn boe.
OMV Petrom estimates that in Romania, demand for retail fuels and power is expected to be stable yoy, while gas demand to be slightly higher yoy (previous estimate: demand for retail fuels expected to be slightly above 2024 level, while gas and power demand to be stable yoy).
The tax on turnover introduced in 2024 (0.5% for OMV Petrom S.A. and OMV Petrom Marketing S.R.L.) is estimated to have a total annual impact of below RON 250 mn in 2025 (2024: RON 216 mn).
A 0.5% tax on the net value (cost less depreciation) of certain constructions is applicable as of January 1, 2025 (initially announced at 1% of gross value). The impact for 2025 is of low double digit million EUR.
OMV Petrom has a RON48 billion capitalization and its shares have added 9.4% since the start of the year.
(English version by Catalina Apostoiu)