OMV Petrom Group Results for January - March 2023 including interim unaudited condensed consolidated financial statements as of and for the period ended March 31, 2023
Highlights Q1/23 vs Q1/22 Group
u Clean CCS Operating Result at RON 2.1 bn, 7% lower, supported by good operational performance which partly counterbalanced the impact of lower commodity prices, in the context of numerous regulatory interventions
u Clean CCS net income attributable to stockholders of the parent at RON 1.9 bn, up 5%
u Cash flow from operating activities at RON 4.7 bn, 77% higher
u CAPEX at RON 1.0 bn, up 52%
u Free cash flow after dividends at RON 3.3 bn, 72% higher
u Clean CCS ROACE at 37%, 19 pp higher
u TRIR: 0.53 (Q1/22: 0.33)
Exploration and Production
u Clean Operating Result at RON 985 mn vs. RON 1,106 mn in Q1/22, mainly due to lower oil and gas prices and lower sales volumes
u Production decreased by 4.1%, mainly due to natural decline, partly offset by the contribution of workovers and new wells
u Production cost slightly increased by 2% to USD 14.5/boe, mainly driven by lower production available for sale partly offset by favorable FX
Refining and Marketing
u Clean CCS Operating Result at RON 616 mn, similar to Q1/22, as lower refining margins were broadly offset by improved sales channels performance
u OMV Petrom indicator refining margin at USD 16.6/bbl, down 9% on lower product spreads, mainly for diesel
u Refinery utilization rate at 98%, similar to Q1/22
u Total refined product sales volumes 2% higher, supported by non-retail performance
Gas and Power
u Clean Operating Result at RON 723 mn, similar to Q1/22, mainly supported by strong margins from storage gas and power transactions outside Romania
u Gas sales volumes up 3.3%, in the context of 13% estimated yoy decline in demand, driven by overall resilient customer portfolio, as well as sales to the regulated market and supply of last resort customers
u Stable power output, in the context of Brazi power plant's planned outage of the full capacity in both March 2023 and March 2022
Key events
u OMV Petrom and Transgaz signed a transport contract for Black Sea gas
u Changes in the Executive Board (new EB member for Exploration and Production) and the mandate of the Executive Board renewed for another 4 years
u Supervisory Board and Ordinary General Meeting of Shareholders (OGMS) approved Executive Board's initial proposal for 2022 base dividend per share of RON 0.0375, up 10% yoy; Executive Board announced the intention for a special dividend to be distributed in 2023, exact value to be communicated in mid-2023
