The OMV Petrom Group posted on Thursday a 2.4 billion lei profit after the first nine months of 2014, down 34 percent year-on-year from 3.663 billion lei in Q1-Q3 2013.
The company’s sales plummeted 11 percent over January-September 2014 compared to the same period of 2013, to 16.195 billion lei, while investments advanced 28 percent to 4.48 billion lei.
‘Our rigorous financial discipline over the past years and the strict allocation of capital allowed us reaching the goals for the first nine months, despite the recent volatility of crude prices. In E&P [exploration and production] we managed to stabilize overall our production in Romania and we have implemented the planned investment projects. This year, we made the largest investments in exploration both onshore and offshore, with nine wells drilled so far,’ OMV Petrom general manager Mariana Gheorghe declared.
She also underlined the difficult context still visible in the gas and energy industry, with a lower demand of gas and smaller prices of electricity.
‘The less favourable market context, with high volatility, compels us to review our investment plans for 2015. We will announce them on February 19, 2015, when we post the financial results of the group for the fourth quarter and the preliminary results for 2014. A stable and predictable tax and regulation framework, favourable to investments, is still a key condition for our future investments plan,’ Gheorghe mentioned.
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