OMV Petrom's Q1 hydrocarbon output drops

OMV Petrom's daily hydrocarbon production in the first quarter of 2024 was higher compared to the fourth quarter of 2023, when it produced 110 kboe per day, the company said in a trading update filed with the Bucharest Stock Exchange on Tuesday.

Total daily hydrocarbon sales volume amounted to 106.5 kboe per day in the January-March period, down from 111.4 kboe per day in the same period of 2023.

Total sales of refined products stood at 1.29 million tonnes in the first quarter of 2024, more than the 1.24 million tonnes recorded the same prior-year period.

The volumes of gas sales to third parties fell to 9.17 terawatt-hour (TWh) in the first quarter, from 11.06 TWh in the like period from a year earlier.

Net electricity output rose to 1.6 TWh in the first quarter, compared to 0.97 TWh in the same period of 2023.

OMV Petrom said it will publish its first-quarter financial report on April 30.

Austria's OMV Aktiengesellschaft holds a 51.15% stake in OMV Petrom. Romania owns a 20.7% stake, while 28.14% is floating freely on the stock exchanges in Bucharest and London.

Shares in blue-chip OMV Petrom traded 0.73% higher at 0.69 lei ($0.15/0.13 euro) by 1346 CET in Bucharest on Wednesday.

(1 euro=4.96716 lei)