Romanian oil and gas company OMV Petrom, part of the Austrian OMV Group, achieved a net profit of 528 million euros in the first half of 2024, nearly triple the 190 million euros reported during the same period last year.
The significant profit increase is attributed to the absence of solidarity contribution payments in H1 2024, unlike the 398 million euros paid in the first half of 2023. Although the state-imposed solidarity contribution for refined oil was budgeted in 2023, it was only paid in June 2024.
Despite a 3% decrease in total sales revenues due to lower natural gas and electricity prices, partially offset by increased petroleum product sales and higher electricity volumes, OMV Petrom’s operating result excluding special items fell by 15% to 632.4 million euros.
The company’s refining margin dropped by $2.9 per barrel to approximately $11.1 per barrel, influenced by reduced differentials for diesel and gasoline amid higher oil prices. However, the refinery utilization rate surged to 95% from 64% in H1 2023, reflecting a low base due to last year’s planned refinery shutdown.
Total refined product sales rose by 14% year-on-year, with retail sales up by 6% and wholesale sales increasing by 26%, driven by heightened demand and reduced product availability during the refinery overhaul.
Net electricity production at the Brazi power plant more than doubled, reaching 2.13 TWh in the first half of 2024, marking a record high since the plant’s inception and covering 8% of Romania’s electricity generation during the period.
