OMV Petrom’s operations slow down in Q3 - unlike financial metrics
Total hydrocarbon production of OMV Petrom (BVB: SNP) decreased by 4.6% YoY to 117.2 thousand tonnes of barrel oil equivalent per day (kboe/d) in the third quarter of the year, according to the company’s trading update.
The output was dragged down by the oil and NGL segment (56.3 kboe/d, -7.6% YoY), while the gas production also edged down by 1.6% YoY to 60.9 kboe/d.
On the upside, the electricity production at the Brazi gas plant was 1.42 TWh, down from just 1.12 in Q2 and below 1 TWh in Q1.
While operationally, OMV Petrom’s activity lost momentum in Q3, the company still derives significant financial benefits from the market circumstances: the average realised crude price remained high (from 63 USD/bbl one year earlier), and the refining margin was more than double: USD 17.1 per bbl up from USD 7.2 per bbl in Q3 last year.
As a comparison, Shell had a refining margin of USD 15/bbl over the same time frame, Wall-Street.ro points out.
The OMV Petrom Group’s results for Q3/22 will be published on October 28, 2022.
(Photo source: Flickr/OMV Petrom)