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June 28, 2022

Petrom Group posts three-quarter profit, up 27 pc year on year

Petrom Group ended the first three quarters of this year with a net profit of RON 3.666 billion (831.6 million euros), up 27 percent year on year, shows data released by the company yesterday. Earnings before interest and taxes (EBIT) amounted to RON 4.556 billion, 14 pct higher than the figure reported at the end of September 2012. Group sales in the period of reference (excise duties on oil products excluded) totaled RON 18.150 billion, 5 percent lower compared to the period January – September 2012. Also, investments by OMV Petrom in the first nine months of 2013 dropped 1 percent from RON 3.5 bln to RON 3.487 billion. “Exploration offshore is progressing and, in joint venture with ExxonMobil, we aim to resume drilling in the Neptun block around mid-2014. G&P performance reflected the challenging market environment with subdued demand and low electricity prices, while in R&M, refining margins remained under pressure. Going forward, we will maintain our focus on delivering on our operational excellence initiatives and investment program. These initiatives remain essential prerequisites for a sustainable performance and cash flow generation that will support our ambitious investment program in the Black Sea in the coming years, in an investment-friendly taxation and regulatory environment,” explained Mariana Gheorghe, CEO of OMV Petrom S.A.
Exploration expenditures increased by 40 percent, amounting to RON 108 mn, mainly due to higher capitalized drilling expenditures. Exploration expenses were 23 percent higher in Q3/13, related mostly to the relinquishment of some exploration blocks.
In Q3/13, in Romania, total oil and gas production increased by 0.7 percent to 15.75 mn boe, supported by workovers, drilling and field redevelopment.

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