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    Romania's OMV Petrom 2019 net profit falls 11% y/y

    Romania's OMV Petrom 2019 net profit falls 11% y/y OMV Petrom filling station, Romania

    BUCHAREST (Romania), February 6 (SeeNews) - Romania's top oil and gas group OMV Petrom [BSE:SNP] said on Thursday its net profit fell by 11% year-on-year to 3.6 billion lei ($839 million/761 million euro) in 2019.

    Clean CCS Operating result decreased by 5% to 4.57 billion lei in 2019, reflecting the unfavourable oil price environment and the decrease in the refining margin, blue-chip OMV Petrom said in its third-quarter unaudited consolidated financial statement filed with the Bucharest Stock Exchange, BVB.

    Sales rose 13% year-on-year to 25.4 billion lei in 2019 driven by higher sales volumes prices of natural gas, higher sales volumes for petroleum products and higher prices for electricity, partially offset by lower selling prices for petroleum products.

    The downstream segment contributed 72% of total sales, downstream gas accounted for 26% and upstream for 2%.

    Capital expenditure was 4.22 billion lei in 2019, 2% lower compared to 2018. 

    In the upstream segment, OMV Petrom posted a 2.84 billion lei clean operating result, 12% lower on the year.

    Total hydrocarbon production shrank 5% to 55.35 million barrels of oil equivalent (boe) in 2019, due to lower output in Romania.

    Exploration expenditures fell by an annual 8% to 427 million lei in 2019.

    In the downstream segment, the group's clean operating result rose 5% on the year to 1.78 billion lei in 2019. The Petrobrazi refinery utilization rate reached 97%, compared to 85% in 2018, which was impacted by the six-week planned turnaround, OMV said.

    Total sales of refined petroleum products rose 10% year-on-year to 5.46 million tonnes in 2019.Gas sales volumes rose by an annual 16% to 54.8 TWhр while net electricity output fell 11% to 3.4 TWh.

    In the fourth quarter of  2019 alone, OMV Petrom's net profit fell by 17% year-on-year to 938 million lei, while sales rose 14% to 7.3 billion lei.

    The company said it plans CAPEX of around 4.2 billion lei in 2020, excluding acquisitions.

    In December, OMV Petrom has signed a contract to acquire a stake in the Han Asparuh exploration licence in Bulgaria. OMV Petrom will acquire the participation held by OMV Offshore Bulgaria in the Han Asparuh exploration licence in Bulgaria by acquiring all its shares from OMV Exploration & Production. Closing of the transaction is subject to certain conditions precedent and is expected by mid-2020.

    OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.011% stake in OMV Petrom. The Romanian state, through the energy ministry, owns 20.639%, and 20.35% is in free float on the Bucharest Stock Exchange and the London Stock Exchange.

    Shares of OMV Petrom traded 2.01% higher at 0.4320 lei as at 1105 CET on Thursday on the Bucharest Stock Exchange.

    (1 euro = 4.7768 lei)

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