The operating result, excluding special items, was RON 1.3 billion (€261 million), down by 29%, reflecting solid operational performance and higher natural gas prices, offset by lower crude oil prices and refining margins, as well as regulatory changes.
“In Q1, we had robust operational performance. Hydrocarbon production recorded the smallest decline in the first quarter of the last five years, and the utilization rates of our refinery and power plant were high. Our operating result, excluding special items, decreased by 29% compared to the first quarter of 2024, reaching RON 1.3 billion. This was achieved against a backdrop of falling crude oil prices and refining margins, as well as regulations in the natural gas and electricity market, which led to a negative result for the G&E (Gas and Electricity) segment for the second consecutive quarter,' stated Christina Verchere, CEO of OMV Petrom, in a company press release.
Investments amounted to RON 1.4 billion (€281 million), 44% higher in Q1 2025 compared to Q1 2024, mainly due to the Neptun Deep project.
“Looking ahead, we will capitalize on our strong financial position and integrated business model, preparing for record investments in 2025, of RON 8 billion (€1.6 billion), an ambitious plan that requires a predictable and competitive regulatory and fiscal framework,” said the CEO.
In the Exploration and Production sector, the operating result excluding special items was RON 827 million (€166 million), compared to RON 728 million (€146 million) in Q1 2024, mainly reflecting higher natural gas prices. Production decreased by 3.7%, the smallest decline recorded in the first quarter in the last 5 years, and the production cost increased by 7% to USD 17 per barrel of oil equivalent due to decreased production available for sale and higher costs.
The operating result excluding special items in Refining and Marketing was RON 395 million (€79.3 million), compared to RON 484 million (€97.2 million) in Q1 2024, primarily due to the reduction in the refining margin, which decreased by 35% to USD 8.2 per barrel. The refinery utilization rate was 98%.
In the Gas and Energy sector, the operating result excluding special items was -RON 86 million (€17.2 million), compared to RON 433 million (€86.9 million) in the same period of 2024, with the regulatory framework continuing to negatively impact the result from electricity activity, according to company representatives.
Total gas sales increased to 13.1 TWh, with higher volumes sold to the wholesale market, while the volumes used by the Brazi power plant decreased.
The production of the Brazi power plant was 1.2 TWh, representing 9% of Romania's production mix.
