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OMV Petrom to sell 60 oilfields
OMV Petrom, the largest oil and gas producer in Southeastern Europe, continues to sell several assets in its portfolio this year, so it will transfer 50-60 less profitable oilfields and will sell three motels, Mariana Gheorghe, CEO OMV Petrom said in an interview for news.ro, romaniajournal.ro informs.
According to her, the company has launched the market research, stressing that there is interest in these deposits.
”We will see what the market wants. It’s a more lengthy process, it’s a bigger volume and that’s why we do not want to give deadlines,” Gheorghe added.
As regards the new amendments to the Tax Code, CEO OMV Petrom believes that they are measures with impact on employees and company’s business.
“The business environment, which we are also part of, has always said that stability and predictability is needed, and we believe that a fiscal clarity is also needed, as well as a fiscal reform, but steps must be based on impact analysis, to be done in a structured and well-planned manner,” Gheorghe pointed out.
OMV Petrom’s net profit grew by 111 percent in the first nine months, to RON 1.85 billion, from RON 878 million in January-September 2016, while the total sales increased by 20 percent, to RON 14.29 billion.
The company’s investments fell by 5 percent in the first nine months, to RON 1.72 billion, from RON 1.81 billion in the same period last year.
OMV Petrom, the largest oil and gas producer in Southeastern Europe, continues to sell several assets in its portfolio this year, so it will transfer 50-60 less profitable oilfields and will sell three motels, Mariana Gheorghe, CEO OMV Petrom said in an interview for news.ro, romaniajournal.ro informs.
According to her, the company has launched the market research, stressing that there is interest in these deposits.
”We will see what the market wants. It’s a more lengthy process, it’s a bigger volume and that’s why we do not want to give deadlines,” Gheorghe added.
As regards the new amendments to the Tax Code, CEO OMV Petrom believes that they are measures with impact on employees and company’s business.
“The business environment, which we are also part of, has always said that stability and predictability is needed, and we believe that a fiscal clarity is also needed, as well as a fiscal reform, but steps must be based on impact analysis, to be done in a structured and well-planned manner,” Gheorghe pointed out.
OMV Petrom’s net profit grew by 111 percent in the first nine months, to RON 1.85 billion, from RON 878 million in January-September 2016, while the total sales increased by 20 percent, to RON 14.29 billion.
The company’s investments fell by 5 percent in the first nine months, to RON 1.72 billion, from RON 1.81 billion in the same period last year.
OMV Petrom Group estimates to invest less than 700 million euros în 2017
OMV Petrom Group estimates that it will invest less than 700 million euros this year, with more than 80pct to be directed to Upstream projects (exploration and production), according to the unaudited financial results released on Thursday by the company.
In the third quarter, the company made investments of 811 million lei, up 70pct from the same period of last year. On the other hand, the investments made in the first nine months of this year decreased by 5pct to 1,727 billion lei.
In the Upstream segment, the investments made in July-September were worth 675 million lei, compared to 420 million lei in Q3 of 2016, and the Downstream investments (refining and marketing) amounted to 135 million lei, from which 122 million lei in Downstream Oil (in Q3 last year these stood at 56 million lei).
For 2017, OMV Petrom forecasts that the average price of Brent crude oil will be 52 dollars / bbl.
"The increase in private consumption in Romania is expected to continue to sustain the demand for oil products, despite some expectations on its decline in Q4 2017 due to seasonality and higher excise duties on fuels," the company said.
At the same time, OMV Petrom's estimates indicate an increase in the demand for natural gas and fuels and a slight increase in electricity demand compared to 2016.
OMV Petrom Group posted a three-quarter net income of 1.848 bln lei
OMV Petrom Group posted a three-quarter net income of 1.848 bln lei, more than two times higher (111 pct) than the net 878 ml lei registered in the similar period of the year before, shows the unaudited financial report released on Thursday by the company.
The clean CCS net income attributable to company stockholders was of 2.054 bln lei, by 128 percent higher from the same period of the year before. The clean CCS earnings per share stood at 0.0363 lei.
The group's sales in the first nine months of the year totaled 14.294 bln lei, up 20 percent from the 11.953 bln lei registered in the same period of the year before.
"In Q3/17, we enjoyed another quarter with strong macroeconomic fundamentals supporting higher demand for our products and higher sales volumes. We benefitted from increased commodity prices and very strong refining margins. In addition, we continued our strict cost discipline to increase our competitive position and moved forward with investments. As a result, our 9m/17 Clean CCS Operating Result reached RON 2.7 bn, with both Upstream and Downstream showing significant increases. In Upstream, further reduced production costs overcompensated the impact of production decline. In Downstream Oil, the solid results reflected higher sales volumes, mostly in retail, and a continued high asset utilisation. Downstream Gas had an improved performance and benefitted from the booking of insurance revenues for the Brazi power plant. The free cash flow improvement was a result of higher operating cash flow and lower investments," said OMV Petrom CEO Mariana Gheorghe.
Austrian group OMV holds a 51.01 pct majority stake in OMV Petrom, while Romania's Ministry of Energy holds 20.64 pct of the company's stake. Petrom is Romania's largest oil and gas company with activities in the business segments Upstream (Exploration and Production), Downstream Oil (Refining and Marketing), Downstream Gas (Gas and Energy).