Romania's OMV Petrom 9-mo net profit plummets 72%

OMV Petrom’s consolidated sales revenues fell by 36% on the year to 28.5 billion lei in the nine months through September 2023, the oil and gas company said in its latest financial report submitted to the Bucharest Stock Exchange.

The operating result of the group's exploration and production division fell 25% on the year to 3.263 billion lei in the nine-month period.

Total hydrocarbon production decreased by an annual 4% to 114.5 kboe per day during January-September, while production costs increased by 18% to $15.4 (14.45 euro) per boe.

Hydrocarbon sales reached 109.3 kboe per day over the first nine months of 2023, dropping by an annual 5%.

Earlier this week, OMV Petrom announced it has jointly invested 50 million euro with Auchan Romania to install almost 400 MyAuchan convenience stores at Petrom gas stations in three years.

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 1.27% lower at 0.543 lei by 1304 CET on Tuesday on the Bucharest bourse.

(1 euro=4.96509 lei)