Romanian oil and gas company OMV Petrom reported a 43% drop in sales and a 64% drop in the net income in the third quarter (Q3) of 2023 compared with the same period of last year. The Clean CCS net income, which is adjusted for Special Items and Current Cost of Supply effects, was also down 44% year-on-year, at RON 2.06 bln (EUR 416 mln).
In the first nine months, the company’s sales declined by 36% compared with the same period in 2022 while the Clean CCS net income was down by 36%, at RON 5.4 bln, and the net income was 72% lower year-on-year, at RON 2.55 bln.
However, this was largely expected after OMV Petrom’s extraordinary profits in 2022, a year marked by high energy prices and a favourable market environment.
Among the factors that contributed to the lower results in Q3 and the first nine months of 2023 were lower oil and gas prices and production volumes, unfavourable foreign exchange evolution, and lower margins in the retail segment.
OMV Petrom’s shares were trading 1.3% lower on October 31, after the group released its financial report. However, the SNP shares have brought investors a 29% positive return since the beginning of this year.
