Europe: Brent oil, TTF...

During the fourth week of June, Brent crude oil futures prices experienced a...

Europe: Electricity prices fall...

In the fourth week of June, average electricity prices declined across most major...

Europe: Electricity demand rises...

During the week of June 23, electricity demand rose across most major European...

Solar and wind energy...

During the week of June 23, solar photovoltaic (PV) energy production rose in...
Supported byClarion Energy
HomeSEE Energy NewsRomania: Higher profit...

Romania: Higher profit in 2021 expected at OMV Petrom

Last year, Romanian oil and gas company OMV Petrom’s profit dropped by almost two-thirds (64 %) to 266 million euros. OMV Petrom estimates a 32 % rise of its net profit in 2021 to 370 million euros or approximately half of the net profit posted in 2019.

The sales revenues are projected to rise marginally by 3 % to around 3 billion euros due to price increases and higher sales volumes of electricity and petroleum products, partially driven by low base effects. Meanwhile, the gas sales to third parties are expected to drop by 26.5 %.

The management expects that 2021 operating results will benefit from an improved market environment, increased demand for electricity and oil products, and continued cost optimization programs. The hydrocarbon production for 2021 is estimated to 45.8 million barrels of oil equivalent, 9.3 % lower than in 2019, with a higher drop in gas production (-14 %) and a lower one for oil production (-3.8 %). Part of the decline is due to the sale of 40 marginal fields as the company plans to focus on the most profitable ones.

OMV Petrom built its budget on an average Brent oil price of 50 dollars/barel, refining margins above 4 dollars/barrel and lower gas prices than in 2020. A drop in the average Brent oil price of just a dollars/barrel would have a negative impact of 20 million euros on the company’s operating result.

 

Supported byOwner's Engineer banner

Recent News

Supported byspot_img
Supported byspot_img

Latest News

Supported byspot_img
Supported bySEE Energy News

Related News

Europe: Brent oil, TTF gas and CO2 prices decline in late June amid easing Middle East tensions

During the fourth week of June, Brent crude oil futures prices experienced a decline. On Monday, June 23, the price settled at $71.48 per barrel, already 7.2% lower than the last session of the previous week. Prices continued to...

Europe: Electricity prices fall in late June amid lower gas costs and high renewables

In the fourth week of June, average electricity prices declined across most major European markets compared to the previous week. The United Kingdom’s N2EX market experienced the largest drop, falling by 28%. Other markets saw decreases ranging from 1.3%...

Europe: Electricity demand rises in most markets amid seasonal shifts and holidays

During the week of June 23, electricity demand rose across most major European markets compared to the previous week. Germany and Italy saw the largest increases, with demand growing by 8.2% and 8.1% respectively. France experienced the smallest increase...
Supported byVirtu Energy
error: Content is protected !!