Compared to the fourth quarter of 2022, the hydrocarbon production dropped by 1.4%.
The company’s natural gas sales fell to 60.3 thousand boe per day in the first quarter of 2023 from 63 thousand boe per day, while the crude oil and condensate output dropped from 58.3 thousand boe per day to 56 thousand per day.
The average realized crude price was $37.22 per barrel in the fourth quarter of 2020, one dollar higher than in the third quarter of 2020 and lower by $17.2 (-31.6%) than in the fourth quarter of 2019.
The Brent crude oil price declined globally, therefore, the average realized crude price decreased by 12.5% in the first quarter of 2023 versus the same period of 2022, as per the trading update report published Wednesday at the Bucharest Stock Exchange.
The total hydrocarbon sales volume shrank by 4.3% to 111.4 thousand boe per day in the first three months of 2023 from 116.5 thousand boe per day in the year-earlier period.
This trading update provides basic provisional information on the economic environment as well as OMV Petrom Group’s key performance indicators for the quarter ended March 31, 2023. The OMV Petrom Group’s results for Q1/23 will be published on April 28, 2023
Petrom has a market capitalization of RON30.8 billion.
OMV Petrom ended 2022 with a consolidated turnover of RON61.3 billion (almost EUR12.5 billion), nearly 2.4-fold higher than the 2021 level, and a net profit of RON10.3 billion (over EUR2 billion), unique in Romania’s history.
With a declining oil and gas production, price increases were the main driver of these results.
The Romanian State directly cashed a total RON16.5 billion (EUR3.4 billion) from all taxes paid by OMV Petrom after it had introduced last year 20 changes in taxing energy companies.