Petrom Group: results for Q2 and January – June 2013 (including interim financial statements as of June 30, 2013)

Q2/13 vs Q2/12:

• Clean CCS EBIT increased 36% as Q2/12 results were mainly impacted by the Petrobrazi refinery six week planned shutdown
• Daily production in Romania advanced 2.1%, the highest quarterly increase since privatization, triggered by successful offshore workover campaigns, and as a result of significant investments
• Black Sea: largest 3D seismic survey completed; rig procured for further drilling activities in the Neptun block
• Lower contribution from G&P reflecting a very challenging market environment and the planned shutdown of the Brazi power plant in April 2013
• Strong contribution from R&M driven by higher refinery utilization rate; commercial sales volumes still under pressure, retail flat for the second consecutive quarter, in line with market

Mariana Gheorghe, CEO of OMV Petrom S.A.: “In the first half of 2013, we improved our financial and operational performance compared with 6m/12, as a result of last years’ investments, strict cost management and operational excellence initiatives. We have further pursued our significant investment program, which has enabled us to successfully stabilize production, as the slightly higher hydrocarbon volumes in Romania fully compensated the effect of temporary technical problems in Kazakhstan. Offshore, we completed the largest 3D seismic program in the Black Sea and, in joint venture with ExxonMobil, we aim to resume drilling in the Neptun block towards the end of 2013 or early 2014. G&P performance reflected the challenging market environment with depressed demand for both gas and electricity as well as significantly lower electricity prices. In R&M, the retail business was stable while refining margins decreased due to lower product cracks. Going forward, we are striving to deliver our ambitious 2013 investment program of more than EUR 1.2 bn, while addressing the challenges in the gas and electricity markets, and relying on an investment-friendly regulatory and fiscal framework.”

You can download the full report here. 

Source: www.bvb.ro (Bucharest Stock Exchange)