Petrom Group: results for January – December 2013 and Q4 2013
2013 vs 2012
- Clean CCS EBIT increased by 3% in 2013, despite the 24% drop in Q4/13 which was due to lower sales from stocks and negative FX effects
- E&P: first year-on-year increase of hydrocarbon production in Romania since privatization
- G&P: lower contribution due to weak gas and power demand and depressed electricity prices
- R&M: strong results driven by a higher refinery utilization rate; retail sales volumes in Romania stabilized in 2013, for the first time since 2009
- RON 5.3 bn CAPEX for the year; ROACE still improved further to 19%
- Highlights for 2014: E&P will focus on further stabilizing production and on progressing exploration initiatives onshore and in the Black Sea while in R&M the Petrobrazi modernization program will be finalized
Mariana Gheorghe, CEO of OMV Petrom S.A.: “In 2013, Romania registered an economic growth better than expected, however consumption remained weak, while the fiscal burden increased further. In spite of the depressed demand in the gas and power sectors, lower refining margins and electricity prices, Petrom recorded another strong financial performance due to operational excellence, strict cost control initiatives as well as favorable crude price environment. On the operating side, we successfully increased our hydrocarbon production in Romania, offsetting the natural decline, and engaged in partnerships to unlock the onshore potential. In the Black Sea, we further pursued our exploration activities by completing the 3D seismic acquisition and prepared to resume the exploration campaign in mid-2014. Since privatization, we have secured the growth of our company and the future of the hydrocarbon production, by reinvesting approx. 85% of our operating profits, to a cumulative level of EUR 10 bn. Continuing this success story requires an investment-friendly environment and solid market fundamentals, to fully unlock our growth potential”.
Recent Comments