First quarter sales and net profit drop for Romania's OMV Petrom

The sales and net profit of Romanian oil and gas company OMV Petrom both fell by 4 percent in the first quarter of 2013, to EUR 1.31 billion, and EUR 303 million, respectively. The company posted lower gas sales versus the first quarter of 2012, due to warmer weather and the positive contribution of the power business Both quantities and prices feel as the price of crude went slightly down on international markets. There was a drop in sales for refiner products, which were down 2 percent, while gas sales were also down 5 percent. “In the first quarter of 2013, we continued the good financial and operational performance, reflecting a still high crude price and relatively stable local macroeconomic environment. [...] Going further, we will continue our significant annual investment program of more than EUR 1 billion, a prerequisite to maintaining our sustainable performance, which will allow us to support potential upstream grow th opportunities in the Black Sea,” said Mariana Gheorghe, the CEO of OMV Petrom. The full report as submitted to theBucharest Stock Exchange is here - in English. The company recently announced the decision to award some EUR 360 million in dividends for last year, which is less than half of its record profit for the year, EUR 885 million. The dividends, which come in at a gross RON 0.028 RON per share, will be distributed starting June 18. The oil and gas company also decided to set aside an investment budget of some EUR 1.4 billion for this year, which is a quarter more than in 2012. Around 80 percent of this budget will go to exploration and production. The company has invested EUR 9 billion in Romania in the last eight years, according to its data. editor@romania-insider.com (photo source: Arhivafoto.ro)