February 2 (SeeNews) - Romania’s top oil and gas group OMV Petrom [BSE:SNP] said on Thursday that its preliminary net profit soared to 10.3 billion lei ($2.3 billion/2.1 billion euro) in 2022, from 2.86 billion lei in 2021.
OMV Petrom’s consolidated sales revenues jumped by an annual 136% and reached 61.3 billion lei in 2022, supported by higher commodity prices and sales volumes of petroleum products and electricity, the oil and gas company revealed in its latest preliminary financial report published on its website.
"Refining and marketing segment represented 51% of total consolidated sales, while gas and power segment accounted for 49%. Sales from exploration and production segment accounted only for 0.1% after the divestment of Kazakhstan subsidiaries in the second quarter of 2021 (sales in Exploration and Production being largely intra-group sales rather than third-party sales),” OMV Petrom said.
The group’s clean operating result sat at 12.198 billion lei in 2022, up by an annual 181%, with the Exploration and Production division’s clean operating result trebling from 1.814 billion lei to 5.433 billion lei, mainly due to higher oil and gas prices and an appreciation of the US dollar.
The divestment of production assets from Kazakhstan coupled with natural decline and the transfer of 40 marginal onshore oil and gas fields to Dacian Petroleum led to a 7.9% annual decrease in the group’s hydrocarbon production, which sat at 119.1 kboe per day in 2022.
Production costs in 2022 increased by 3% to $13.75 per boe, mainly due to lower production available for sale and increased expenses, factors that were partly offset by favourable foreign exchange rates and the positive impact of the one-off effect of a tax audit in the second quarter of 2022.
Hydrocarbon sales reached 114.3 kboe per day in 2022, falling by 7% on the year.
The group’s preliminary net profit in the fourth quarter of 2022 decreased by an annual 4% to 1.14 billion lei.
Austria's OMV Aktiengesellschaft holds a 51.157% stake in OMV Petrom. The Romanian economy ministry owns 20.698% and 28.145% is free float on the Bucharest bourse and the London Stock Exchange.
Shares in blue-chip OMV Petrom traded 0.32% higher at 0.4690 lei as at 1151 CET on Bucharest Stock Exchange on Thursday.
(1 euro=4.9024 lei)
OMV Petrom SA is among the biggest companies in SEE, for more reference take a look at Top 100 companies