Romanian oil and gas company OMV Petrom reported a net profit of approximately €620 million in 2025, down 27% year-on-year, mainly due to €440 million in impairment charges linked to decommissioning obligations agreed with the Romanian state and upstream asset write-downs.
Despite lower earnings, the company accelerated implementation of its Strategy 2030, with total investments reaching around €1.57 billion. Organic investments alone rose 23% to a record €1.55 billion, largely driven by spending on the Neptun Deep offshore gas project.
Operating performance was affected by lower oil prices and volumes. The CCA operating result excluding special items fell 10% to €1.05 billion, while hydrocarbon production declined 4% to 104,500 barrels of oil equivalent per day, marking the second-best result in eight years. Production costs increased 9% to $17.8/boe due to currency effects and higher construction taxes.
Downstream operations partly offset upstream pressures. Refining margins jumped 35% to $12.4/barrel, though refinery utilization dropped to 93% due to a planned shutdown and crude supply issues. Refined product sales decreased 5% to 5.5 million tons, while retail volumes remained stable at 3.2 million tons. The downstream operating result excluding special items stayed roughly stable at €72 million.
In gas and electricity, natural gas sales rose 12% to 48.3 TWh, the highest since 2021. Electricity output from the Brazi power plant reached 4.7 TWh, representing about 9% of Romania’s electricity mix. The segment’s CCA operating result excluding special items remained steady at approximately €490 million.
OMV Petrom’s contribution to the state budget stayed robust at about €3.22 billion through taxes and dividends. The Management Board proposed a total dividend of €0.0116 per share, down 10%, including a base dividend of €0.0094 and a special dividend of €0.0023.
The company expects continued market volatility and slow economic growth, while planning record investments of around €1.81 billion in 2026 with strict cost discipline. While the overall €11 billion investment envelope for 2022–2030 remains unchanged, OMV Petrom reduced the share allocated to low- and zero-carbon projects to 25%, from 35%, while increasing spending on conventional operations and regional gas development. The long-term hydrocarbon production target was raised to approximately 170,000 barrels of oil equivalent per day.
Key projects progressed as planned. Development drilling continued at Neptun Deep, and exploration drilling began in Bulgaria’s Khan Asparuh block with partners NewMed Energy and Bulgarian Energy Holding. Onshore operations saw license extensions, a new gas discovery near Craiova, and the commissioning of a sulfur recovery unit at the Petrobrazi refinery.
OMV Petrom also advanced transition projects, including the start of sustainable aviation fuel (SAF) and HVO unit construction at Petrobrazi and around 900 MW of renewable capacity in Romania, including four solar plants totaling 550 MW with EC Oltenia. Regionally, the company acquired a 50% stake in a major Bulgarian solar project and expanded its EV charging network to about 1,350 points, reinforcing its role in Romania’s energy transition.
