OMV Petrom’s profit quadruples YoY in Q2
OMV Petrom (BVB: SNP) reported its consolidated sales revenues in Q2 soared to RON 13.7 bln (EUR 2.7 bln), 160% more compared to the same period last year, according to the consolidated unaudited results.
The higher prices are compressing consumption, particularly when it comes to natural gas and electricity but not so much for the car fuel sales, Petrom CEO Christina Verchere commented.
The growth was mainly supported by higher commodity prices since crude oil and natural gas production decreased by 10% YoY to 120.1 kboe/d.
The sales volumes of petroleum products (+6.5% YoY to 1.32 mln tonnes) and electricity (+62% YoY to 1.12 TWh) have also increased.
The Clean CCS Operating Result, which excludes special items and inventory holding effects, of RON 3.66 bln in Q2/22 was nearly four times larger compared to RON 851 mln in Q2/21, due to the much higher contribution of all business segments, following an increase in prices in Exploration and Production segment, significantly higher refining margins in the Refining and Marketing segment as well as strong margins on gas from third party transactions and higher power margin in the Gas and Power segment.
Clean CCS net income attributable to stockholders was RON 2,980 mn, more than four times up from RON 675 mln in Q2/21.
Net income attributable to stockholders of the parent was RON 2,898 mln, seven times up from RON 406 mln in Q2/21.
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