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Petrom's net profit grew 5 percent due to strong operational performance
Petrom's net profit grew 5 percent in 2012 due to a strong operational performance, partially counterbalanced by larger financial losses, company CEO Mariana Gheorghe told a press conference on Thursday.
'Petrom's net profit grew 5 percent in 2012 due to a strong operational performance, the operational profit increased 7 percent mainly due to a larger contribution from the activity in gas and energy and the operational improvements. There was a positive contribution in all activity sectors,' Mariana Gheorghe said.
Petrom Group ended the year 2012 with a net profit worth 3.946 billion lei (about 0.891 billion euros) enhancing 5 percent from the net result amounting to 3.759 billion lei, reported at the end of 2011, according to the preliminary consolidated results of Petrom Group, released on Thursday.
The net profit corresponding to OMV Petrom SA shareholders amounted to 3.953 billion lei, increasing 5 percent compared with the previous year. The profit per share stands at 0.0698 lei, as against 0.0663 lei in 2011.
The operating profit calculated before interest and taxes (EBIT) last year went up 15 percent, to 5.662 billion lei, from 4.93 billion lei, in 2011.
Petrom makes exploring investments worth 530 million lei, up by 21 percent, in 2012
The exploring investments of the Petrom group grew by 21 percent in 2012 from 2011, up to 530 million lei as a consequence of the extensive seismic campaigns and the drilling of onshore oil derricks, informs the above-mentioned company on Thursday.
In 2012 the exploring expenses totalled 328 million lei, 22 percent under the value in 2011, which was affected by the bookkeeping depreciation of the exploring licence of the Kultuk deposit in Kazakhstan and by the registration of eight exploring oil derricks that have no results in Romania.
'The preliminary estimations as a consequence of the drilling made by the first deep offshore exploring oil derrick, in partnership with ExxonMobil, in early 2012 indicates a discovery of gas. We have also initiated the biggest 3D seismic programme in the Romanian part of the Black Sea, in deep and shallow waters,' said OMV Petrom managing director Mariana Gheorghe.
OMV Petrom has over 1 billion euro investment budget in 2013
OMV Petrom has an over 1 billion euro investment budget in 2013, the investments in Exploration and Production (E&P) being estimated at approximately 80 percent of the total investments over the entire Group, the company informs.
In the E& P (Exploration and Production) sector, to ensure a stable production in Romania, OMV Petrom will continue to conduct some projects for the redevelopment of reservoirs, focusing on drilling, capital repairs and water and steam injection.
'We plan that by the end of the year we have five reservoir redevelopment projects in implementing stage. We plan to drill over 110 wells, out of which two wells evaluating Totea reservoir,' the company mentions.
Moreover, a wide 3D seismic prospection is carried out in Romania in Neptun block (the Black Sea).
'After the data interpretation, we plan to start up a new drilling campaign by the end of 2013,' OMV Petrom release points out.
In Kazakhstan, the company prepares the implementing of the water injection plan in the Komsomolskoe reservoir and the redevelopment of TOC reservoir (Tasbulat, Aktas, Turkmenoi), with the purpose of maintaining the production level.
Moreover, the Group pursues the growth opportunities through the acquisition of exploration perimeters in the Black Sea, namely funding the transfer agreement for the acquisition, together with ExxonMobil, of an 85 percent stake of Midia perimeter (Romania), while the production sharing agreement for the Skifska perimeter (Ukraine) is being negotiated with the Ukrainian government.
In the Gas and Energy sector, OMV Petrom plans to increase the value of gas from the own production by continuing to improve the operation capacity of the plant at Brazi (southern Romania) and by strengthening its market position, by achieving the synergy through grouping the activities of electricity and natural gas sales to existing customers.
In the Refining & Marketing area, OMV Petrom announces the implementing of some new stages in the modernizing programme of Petrobrazi refinery (southern Romania), estimated to complete by the end of 2014.
Petrom Group investments in Romania grew, on December 31, 2012, to 4.930 billion lei, compared with the same date of 2011, when these amounted to 4.803 billion lei, following the substantial investments in E&P.
The investments in E&P, standing at 3.753 billion lei, represented 76 percent of the total value registered in 2012 and were directed to the development wells drilling, capital repair works, depth operations, surface installations, reservoir redevelopment projects, as well as to the 'Neptun Deep' and 'Totea Deep' projects.
About 4 percent of the investments were made in G&E (Gas and Energy), namely 221 million lei, mainly in the power plant at Brazi, which began its commercial operation on August 1.
The investments in R&M (Refining and Marketing), amounting to 899 million lei, accounted for 18 percent of the total investments made in 2012, and were directed mainly to the project for the modernization of Petrobrazi refinery.
Petrom Group consolidated sales go up 16 percent in 2012; gas sales decrease slightly
Petrom Group consolidated sales in 2012 went up 16 percent from 2011, to 26.258 billion lei, mainly due to the positive evolution of petrol prices, the company informs on Thursday.
The R&M segment sales (Refining and Marketing) represented 82 percent of the total consolidated sales, those of the G&E segment (Gas and Energy) represented 14 percent and those of E&P (Exploitation & Production) approximately 4 percent.
In the fourth quarter of 2012, the consolidated sales advanced 11 percent compared with the similar period of 2011, to 7.073 billion lei, on the grounds of higher prices for petrol products, mainly as an effect of the advance of the dollar in front of the leu.
The R&M segment sales represented in Q4 of last year 82 percent of the total consolidated sales, those of the G&E segment represented 15 percent and those of E&P were nearly 3 percent (the E&P sales were made widely inside the Group, not to third parties).
As concerns the volume of gas consolidated sales of Petrom, this decreased slightly in 2012 compared with the previous year, following the trend of the estimated natural gas consumption in Romania, which dropped 4 percent, on the grounds of a general demand decline.
At the end of 2012, the total gas volume held by Petrom in underground gas storages stood at 398 million cubic metres, as against 406 cubic metres at the end of 2011.
Petrom production, 1 percent lower in 2012 compared with previous year
The production of petroleum, gas and natural-gas condensate of OMV Petrom Group last year amounted to 66.9 million barrels of oil equivalent (boe), being 1 percent under the level registered in 2011, the company informs on Thursday.
The production in Romania declined to 62.4 million boe, 2 percent lower compared with the previous year, when it stood at 63.41 million boe.
The domestic petroleum production stood at 28.7 million bbl, 2 percent lower than in 2011, the new drilling and capital repair programmes having not managed to completely compensate the effects of the difficult winter at the beginning of the year and the natural decline, points out a Petrom release remitted to the Bucharest Stock Exchange on Thursday.
The domestic gas production reached 33.7 million boe, 1 percent under the level of 2011.
On December 31, 2012, the total proven reserves of petroleum and gas of Petrom Group amounted to 775 million boe (Romania - 750 million boe), while the proven and probable reserves of petroleum and gas reached 1.091 billion boe (Romania - 1.039 billion boe).