OMV Petrom S.A.

OMV Petrom Group results for January - June and Q2 2023

including interim unaudited condensed consolidated financial statements as of and for the period ended June 30, 2023

Highlights Q2/23 vs Q2/22

OMV Petrom Group

u Clean CCS Operating Result at RON 1.6 bn, 56% lower, still showing resilience in the context of significantly lower commodity prices and asset utilization impacted by maintenance activities

u Clean CCS net income attributable to stockholders of the parent at RON 1.5 bn, down 51%

u Cash flow from operating activities at RON 0.4 bn, 89% lower

u CAPEX at RON 1.4 bn, up 89%

u Free cash flow after dividends outflow of RON 3.5 bn in Q2/23, compared with an inflow of RON 1.1 bn in Q2/22

u Clean CCS ROACE at 31%, 4 pp higher

u TRIR: 0.66 (Q2/22: 0.48)

u Special dividend proposal: RON 0.045/share leading to a total dividend yield of 19.6%

Exploration and Production

u Clean Operating Result at RON 1,152 mn vs. RON 1,889 mn in Q2/22, mainly due to lower oil and gas prices and volumes  

u Production decreased by 5.3%, mainly due to natural decline and planned maintenance activities, partly offset by the contribution of new wells and workovers

u Production cost increased by 41% to USD 15.4/boe, mainly due to a positive one-off effect in Q2/22, lower production available for sale, and cost inflation

Refining and Marketing

u Clean CCS Operating Result at RON 142 mn vs. RON 1,197 mn in Q2/22, mainly reflecting lower refining margins and refinery utilization

u OMV Petrom indicator refining margin at USD 11.2/bbl, down 54% as a result of weaker product spreads

u Refinery utilization rate at 31%, compared to 86% in Q2/22 in the context of the 8 week turnaround

u Retail sales volumes 5% higher

Gas and Power

u Clean Operating Result at RON 471 mn vs. RON 816 mn in Q2/22, in the context of significantly lower market prices and extended regulatory and fiscal interventions

u Brazi power plant was in prolonged planned outage with the entire capacity in Q2/23

u Gas sales to third parties up 8%, reflecting successfully rerouted quantities not used for power production

Key events

u OMV Petrom took the final investment decision for the Neptun Deep project and, together with its partner Romgaz, approved the development plan and submitted it to the regulator for endorsement

u OMV Petrom and CE Oltenia signed the financing contracts to build four photovoltaic parks  

u OMV Petrom signed an agreement for the purchase of several photovoltaic parks in Romania with a targeted installed capacity of around 710 MW

u OMV Petrom paid RON ~1.5 bn additional tax representing the solidarity contribution on refined crude oil for 2022

u OMV Petrom discovered new hydrocarbon resources in Romania, totaling more than 30 mn boe

Please access the link here below to view the full report.

http://www.rns-pdf.londonstockexchange.com/rns/5440H_1-2023-7-28.pdf