Oil and gas company OMV Petrom, part of OMV Group, recorded a net profit of 191.5 million euros in the first half of 2023. That is 80% lower compared to the same period last year.
The company said that the drop in profit was due to falling energy prices and the payment of an additional 300 million euros tax on windfall profits from refined crude oil for 2022.
OMV Petrom CEO Christina Verchere said that, in the first six months of the year, commodity prices for energy decreased significantly from the 2022 records, getting closer to pre-energy crisis levels. OMV Petrom’s consolidated sales revenues decreased by 30 % year-on-year to 3.6 billion euros in the first half of 2023, as lower commodity prices and sales volumes of petroleum products and electricity negatively impacted the result and were only partially compensated by higher sales volumes of natural gas.
The company’s Refining and Marketing segment accounted for 66% of total sales, Gas and Electricity represented 33%, while Exploration and Production had a share of 0.2%. Capital expenditures rose by 72% year-on-year to 485 million euros in H1 2023, of which most was directed to the company’s Exploration and Production division with investments of 235 million euros.
Investments in the Refining and Marketing division amounted to 232 million euros, while Gas and Electricity received 12 million euros in investments.
