Romania: OMV Petrom’s net profit declines by 61% in 2023

Romanian oil and gas company OMV Petrom announced that its net profit fell by 61% in 2023 compared to the previous year, to 4.03 billion lei (809.9 million euro).
In the same period, the company’s consolidated sales fell by 37% to 38.8 billion lei in 2023, negatively impacted by lower commodity prices and electricity sales volumes, the company said in an unaudited financial report submitted to the Bucharest Stock Exchange.
The refining and marketing segment accounted for 69% of OMV Petrom’s consolidated sales in 2023, while the gas and power and the exploration and production divisions represented 30% and 0.1%, respectively.
The exploration and production division was the only one to see its operating result grow in 2023, reaching 4.17 billion lei after a 15% annual increase. The operating results of the refining and marketing division fell by an annual 43% to 2.318 billion lei, while the gas and power segment plummeted by 68% to 1.474 billion lei.
Capital expenditure reached 4.704 billion lei in 2023, 32% higher than a year earlier, with 54.9% of investments directed at the exploration and production segment, 41.6% at the refining and marketing segment, and 1.5% at the gas and power division.
Total hydrocarbon production decreased by an annual 5% to 113.3 kboe per day in 2023, matching the annual fall in the volume of hydrocarbon sales which stood at 108.4 kboe per day. Production costs increased by 21% to $15.97 (14.75 euro) per boe.