“In the first 9 months of the year, market demand for all our products was slightly higher, however with volatile prices, down for natural gas and power and significantly lower refining margins. The clean operating result for this period amounted to 4.8 billion lei, supported by the efficiency of our integrated activities, still impacted by high regulatory interventions in the gas and power sector. The contribution to the state budget was 12.5 billion lei, similar to last year,” stated Christina Verchere, OMV Petrom CEO.
„We continued to transform our activities for a low-carbon future, investments reflecting the progress of our strategy. We had record investments for January – September, of almost 5 bn lei, with over 40% being allocated to strategic projects such as Neptun Deep, renewable power and electro-mobility.”
In Q3/2024, the company posted RON8.7 billion sales, down 11%, and RON1.2 billion net profit, 19% lower.
„Consolidated sales revenues decreased by 11% compared to Q3/23, negatively impacted by lower prices and sales volumes of natural gas and lower sales volumes of electricity, partially compensated by the impact of higher prices of electricity,” reads the company’s report.
Refining and Marketing segment represented 75% of total consolidated sales, Gas and Power segment accounted for 24%, while sales from Exploration and Production segment accounted only for 0.1% (sales in Exploration and Production being largely intragroup sales rather than third-party sales).
The Clean CCS Operating Result amounted to RON 1,626 mn in Q3/24 and decreased from RON 2,530 mn in Q3/23, due to lower contributions of all business segments.
Lower contribution of the Gas and Power segment was mainly a result of declining gas and power margins, lower contribution of Exploration and Production segment reflected mainly the decrease in oil and gas prices as well as lower volumes available for sale, while the decrease in contribution from Refining and Marketing segment was mainly due to lower refining margins.
The Consolidation line also had a negative contribution in Q3/24 of RON (59) mn, mainly due to higher volumes of natural gas in storage (Q3/23: RON (4) mn).
Special items comprised net charges of RON (12) mn (Q3/23: RON (207) mn, driven mainly by the net temporary effects from forward contracts in the Gas and Power segment). Inventory holding losses amounted to RON (98) mn in Q3/24 (Q3/23: inventory holding gain of RON 94 mn), mainly as a result of the downward price evolution for crude oil.
Net financial result was a gain of RON 30 mn in Q3/24 compared to a loss of RON (79) mn in Q3/23, when the interest expenses in relation to the discounting of receivables were higher.
Profit before tax prior to solidarity contribution for Q3/24 was RON 1,547 mn, lower than RON 2,338 mn in Q3/23. Profit before tax for Q3/24 was RON 1,547 mn, lower than RON 1,966 mn in Q3/23. Solidarity contribution on refined crude oil influenced 2023 and is no longer applicable for 2024. Income tax amounted to RON (249) mn, while the effective tax rate was 16% in Q3/24 (Q3/23: 18%, mainly due to nondeductible solidarity contribution on refined crude oil).
The company has a RON44.4 billion capitalization. Since the start of the year, the company’s shares have added 24%.
(English version by Catalina Apostoiu)