Sales revenue are seen 12% higher, at RON33 billion, “amid higher electricity sales volumes and enhanced energy margins”.
“The operating result in 2025 is expected to decrease mostly due to rising expenditure and dwindling margins, partly offset by the continuation of cost optimization programs. The net financial result is projected to worsen, resulting in RON259 million loss in 2025 compared with RON55 million profit in 2024, largely due to lower interest income from bank deposits and stable interest costs.”
The budget was built based on the following assumptions: an average price of Brent crude oil of $75 per barrel and refining margins of nearly $8.
The company’s hydrocarbon production is anticipated to decline by 5.3% against 2024, of which natural gas by 5.6%. Petrom expects a 19% drop in natural gas sales volumes. “In Romania, the daily hydrocarbon production is projected at around 103.6 thousand barrels of oil equivalent (boe) per day, with the decrease reflecting the natural decline; possible portfolio optimization initiatives are envisaged at roughly 4 thousand boe/day”.
Natural gas sales volumes are seen down compared with 2024 as a result of reduced supply sources trading opportunities.
Petrom has an investment budget of RON8.1 billion in 2025, up 21% versus 2024. “Our lingering focus is on investments, mostly on the Neptun Deep project and on creating growth opportunities for the future with reduced or net-zero carbon emissions activities, which will boost the level of fixed assets.”
A total RON5.7 billion will go into Exploration & Production, up 30% year-over-year.
Petrom has a market capitalization of RON45.5 billion. Its shares have traded 3.7% higher so far in 2025.