OMV Petrom, the largest oil and gas company in southeastern Europe, announced a net profit of €790 million for the first nine months of 2024, marking a 54% increase compared to the same period last year. This profit surge is largely attributed to the absence of the solidarity contribution on refined crude oil, which had previously impacted last year’s profits by approximately €470 million.
Despite this profit increase, the company experienced a 6% decline in sales revenues, which totaled €5.34 billion. CEO Christina Verchere noted that while market demand for all products showed slight improvement, the company faced challenges from volatile prices, particularly in natural gas and electricity, along with significantly lower refining margins.
In the exploration and production segment, OMV Petrom reported an adjusted operating result of €485 million, a 26% decrease from the previous year, driven by falling gas prices and reduced sales volumes. Conversely, the refining and marketing segment saw an adjusted CCS operating result of around €400 million, up 15% year-on-year, benefiting from a low base due to last year’s refinery turnaround and improved sales channel performance.
The gas and electricity division reported an adjusted operating result of €85.6 million, down 74% from the prior year. Although operational performance remained strong, the division was adversely affected by legislative changes and market dynamics. Gas sales volumes fell by 11% to 30.55 TWh, while net electricity output rose significantly by 46% to 3.59 TWh.
