Romania, OMV Petrom recorded a net profit in the amount of 940 million euros in

, SEE Energy News

The largest Romanian oil and gas company OMV Petrom, part of the Austrian OMV Group, recorded a net profit in the amount of 940 million euros in the first half of 2022, which is more than four times higher compared to the same period last year.

The company’s revenues increased by 153 % in the first six months of the year, reaching 5.18 billion euros. The figure reflects the unprecedented market environment in the first half of this year, in the context of the Russia- Ukraine conflict, characterized by high and volatile international and regional prices and supply difficulties, said the company.

Total sales of refined products were 6 % higher than in the first half of 2021, amid solid growth in the retail market in the first quarter and a slowdown in demand growth in the second quarter. Total refined products sales volume excluding retail sales increased by 7 %, due to partial recovery in aviation activity as well as increased sales in the local market.

OMV Petrom refining margin indicator (relative to Brent) was at 15.2 dollars/barrel, as a result of better differentials, mainly for diesel and gasoline. Refinery utilization rate was at 92 %, compared to 93 % in the first half of 2021, reflecting the planned shutdown in April. Retail sales volumes up 5 %, driven mainly by robust demand growth in Q1 2022, while the second quarter saw a slowdown in gas and electricity.

OMV Petrom’s CEO Chrisitna Verchere said that the contribution to the state budget was at a record level of about 2 billion euros. This includes taxes of about 1.8 billion euros, which is almost 80 % higher than in the first six months of 2021 and cumulative dividends related to 2021 of almost 200 million euros, which more than doubled.

Investments in the first half of the year amounted to 280 million euros, 15 % higher than in the same period of 2021 and were mainly directed towards the Exploration and Production segment (200 million euros).

For 2022, OMV Petrom expects the average price of Brent crude oil to be above 100 dollars/barrel and retail demand for petroleum products to remain relatively stable, while demand for natural gas and electricity will be lower than in 2021.