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October 4, 2022

Petrom earnings up 14 pc in H1

The Petrom group’s net earnings rose by 14 pc in the first half-year, to RON 1.744 bln (EUR 417 M), and sales rose by 23 pc, to RON 10.271 bln (EUR 2.457 bln), backed by advantageous crude oil prices and the rise in fuel and gas demand, Mediafax reports.

The group reported, for the first half of the preceding year, net earnings of RON 1.526 bln and sales of RON 8.343 bln. “In the context of advantageous crude oil prices, we benefited from the rising output and the comeback of fuel and gas demand, both in the industrial and commercial sector, particularly in Romania. We’ve recently reported significant progress on the exploration front, with a potentially significant gas find (Tolea) and with the decision to enter a new stage of exploration in the Black Sea deepwater area, in partnership with ExxonMobil,” Mariana Gheorghe, Petrom’s director general, stated, in the company’s half-year report. According to the latter, the efficiency-enhancing measures implemented continued to pay off in terms of operating results. At the same time, Gheorghe stated that the high crude oil prices put a strain on refinement and marketing margins, given the rising costs of the company’s own crude oil consumption and the as-yet modest demand in the retail sector.

In Romania, the total output of crude oil, gas and condensed amounted to 31.61 M BOE, fairly similar to levels reported for the first half of the preceding year. Crude oil output amounted to 14.71 M barrels, ebbing by 2 pc, on account of natural depletion, which could not be fully compensated by new drills and the overhaul program. Gas output amounted to 16.89 M BOE, rising by 2 pc compared to the first half of 2010, backed by new drills and the overhaul program.

In the first six months of 2011, the Petrobrazi refinery’s exploitation rate remained high, at 82 pc, rising from 58 pc for the same interval of the preceding year, when the refinery shut down for a month for the scheduled revision.
On the gas and power sector, the company intends to open for operation in the second half-year both the Dorobantu wind park and the electricity plant in Brazi.

Petrom’s long-term debts shrank by 13 pc in the first half of 2011, to RON 9.321 bln, from RON 10.701 bln at the end of 2010.

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