OMV Petrom’s net income doubles in January-September amid high oil and gas prices

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OMV Petrom, Romania’s largest energy group, announced that its net profit had doubled in January-September compared to the same period in 2020 – while lagging 37% compared to the pre-crisis performance of the nine first months of 2019.

In absolute terms, the net profit of RON 1.68 billion (EUR 340 million) generated a net margin of almost 10%.

The group’s turnover only increased by 13% year-on-year to RON 17.1 billion (€3.47 billion) due to a combination of higher prices and production weaker.

The group’s natural gas production in the three quarters of 2021 fell 11% year-on-year to 2.83 billion cubic meters, and crude oil production fell 9% year-on-year to 17.55 million barrels.

“The group’s production decreased by 10%, mainly due to the sale of production assets in Kazakhstan in Q2/21, the strong natural decline of the main fields, as well as operational maintenance activities,” the company said. company.

On the other hand, the rate of utilization of refineries rose to 95% against 90% in the same period last year, clearly above the European average. The electricity segment also performed well, with net electricity production of 3.24 TWh, up 9%, providing 7% of Romania’s electricity production.

andrei@romania-insider.com

(Photo source: Flickr/OMV Petrom)

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