OMV Petrom’s shares gain 3.6% on better-than-expected Q3 results

The shares of energy group OMV Petrom (BVB: SNP) surged by nearly 3.6% after the company released Q3 results slightly above the market consensus on October 29. It was the biggest increase for SNP shares since October 3, 2022, when their price rose by 4.07%, according to Ziarul Financiar.

The company reported its turnover dropped by 6% y/y to RON 26.6 billion (EUR 5.3 billion) in January-September.

On the exploration and production side, the results decreased by 26% y/y, the refining and marketing area fared better and ticked a 15% y/y increase, and the operational result on the gas and energy segment decreased by 74% y/y. Clean EBIT CCS contracted 23% y/y to RON 4.77 billion and plunged 36% y/y to RON 1.63 billion in Q3 alone.

The company’s Q3 results still arrived slightly above consensus, with clean EBIT CCS 3% above consensus according to Polish brokerage house Ipopema – which expected, however, even stronger (+5% versus consensus) results.

On the downside, OMV Petrom updated its 2024 outlook by reducing the refining margin outlook to about USD 9/bbl (from around USD 10/bbl), reducing Brent oil price to USD 80-85/bbl (down from around USD 85/bbl), increasing production outlook to roughly 108kboe/d (form over 106kboe/d) and reducing CAPEX guidance to around RON 7.5 billion (down from up to RON 8 billion).

Moreover, OMV Petrom has put the 2025-2026 outlook under review.

(Photo source: Flickr/OMV Petrom)