Petrom Group: results for January – March 2013
Petrom Group: results for January – March 2013
including interim financial statements as of March 31, 2013
- Q1/13 vs Q1/12: Clean CCS net income attributable to stockholders increased 5% to RON 1,328 mn
- Clean CCS EBIT of RON 1,579 mn, down 4% influenced by intensive Black Sea seismic campaigns
- Gearing ratio improved further to 4% at the end of Q1/13
- Stable daily production in E&P and intensified exploration activities both offshore and onshore
- Lower gas sales vs. Q1/12 due to warmer weather and positive contribution of power business
- Improved refining margins vs. Q1/12, marketing volumes still under pressure
Mariana Gheorghe, CEO of OMV Petrom S.A.: “In the first quarter of 2013, we continued the good financial and operational performance, reflecting a still high crude price and relatively stable local macroeconomic environment. In E&P, we managed to keep hydrocarbon production stable and intensified our exploration activities. Offshore, we are close to completing the largest seismic program in the Black Sea. Onshore, we signed a partnership with Repsol to jointly explore deep areas in Romania. G&P performance reflects higher contribution from power assets, but also the challenging market environment, with subdued market demand and low electricity prices. In R&M, refining margins improved and we see the retail business showing signs of recovery in Romania. On April 22, 2013 our shareholders approved the dividend distribution of RON 1,586 mn (EUR 360 mn) from the 2012 profits. Going further, we will continue our significant annual investment program of more than EUR 1 bn, a prerequisite to maintaining our sustainable performance, which will allow us to support potential upstream growth opportunities in the Black Sea.”
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