OMV Petrom posts record EUR 520 mln profit on 2010

Oil and gas company OMV Petrom posted a net profit of EUR 520 million last year, up 163 percent on the previous year, according to the company. "Within a favorable crude price environment, 2010 marked the achievement of a series of strategic projects and strong improvements in our operational performance. [...]Based on the strong 2010 preliminary results and financial position, we consider making a dividend proposal to the AGM in April 2011,” said Mariana Gheorghe, CEO of OMV Petrom. In 2010, results benefited from the favorable crude price environment and strict cost management measures, according to Petrom. “In 2011, we expect the key market drivers to remain volatile. We anticipate the oil price will trade broadly within a range of USD/bbl 80-100 and envisage a volatile foreign exchange environment,” the company writes in its most recent financial report. OMV Petrom is listed on the Bucharest Stock exchange under the symbol SNP. editor@romania-insider.com