OMV Petrom Group announced a net profit down 27% to 3.1 billion lei for 2025, affected by net impairment adjustments of 2.2 billion lei, mainly related to abandonment obligations according to the principles agreed between OMV Petrom and the Romanian state, as well as impairment adjustments for E&P assets.

The operating result CCA excluding special items was 5.2 billion lei, 10% lower than the previous year, mainly influenced by lower crude oil prices and volumes. Organic investments reached a record level of 7.7 billion lei, up 23%, mainly driven by higher investments for the Neptun Deep project. Total investments increased to 7.8 billion lei, 9% higher than the previous year.

The contribution to the state budget remained stable at around 16 billion lei.

“2025 was an important year for the implementation of the 2030 Strategy, a year in which we achieved tangible results for all our strategic projects, supported by investments of around 7.8 billion lei. Net profit decreased by 27%, reaching around 3 billion lei, being affected by depreciation adjustments for abandonment obligations and the increase in E&P taxation, while the CCA operating result excluding special items in 2025 decreased by 10%, to around 5.2 billion lei. Our contribution to the state budget through taxes and dividends remained robust, at around 16 billion lei,” commented Christina Verchere, CEO of OMV Petrom.

“In a volatile market, our results highlighted the resilience of our integrated business model, with the performance of our downstream activities partially offsetting the impact of lower crude oil prices. These developments were particularly visible in the fourth quarter.

We expect another challenging year, with high price volatility and slow economic growth, in a complex geopolitical context. Maintaining strict cost discipline and a stable fiscal and regulatory framework are essential to maintain our ability to execute record investments of approximately 9 billion lei.

Looking ahead, as energy security becomes increasingly important and hydrocarbon demand remains solid, we have adjusted several strategic targets in line with the expected market dynamics. We remain focused on the energy transition, adjusting our GHG targets in the context of these changes in the demand profile,” added Christina Verchere.

Exploration and Production

Operating result excluding special items decreased by 27% to 2,174 million lei, mainly due to lower crude oil prices and volumes.

Production decreased by 4% to 104.5 thousand boe/day – the second best result in the last eight years, with a sharper decline in crude oil and condensate production, while natural gas production remained stable.

Production cost increased by 9% to 17.8 USD/boe, largely attributable to external pressures such as currency developments and the construction tax.

Refining and Marketing

CCA operating result excluding special items remained stable at 2,453 million lei.

OMV Petrom’s refining margin indicator increased by 35% to 12.4 USD/bbl in 2025.

Refinery utilization rate decreased to 93% from 97% in 2024, reflecting the planned shutdown in Q2/25 and crude oil supply challenges in Q3/25.

Total refined product sales decreased by 5% to 5.5 million tons, while retail sales remained flat at 3.2 million tons.

Gas and Energy

Operating result excluding special items was 356 million lei, similar to the 2024 level.

Total natural gas sales increased by 12% to 48.3 TW, the highest annual level since 2021.

The production of the Brazi power plant was 4.7 TWh, compared to 4.9 TWh in 2024, representing 9% of Romania’s production mix.

Key events

Strategy 2030: strategic objectives adjusted to reflect the dynamics of the energy transition

The total investment budget of ~11 billion euros for 2022-2030 is maintained, the share allocated to Low and Zero Carbon Projects changes to ~25% (from ~35%) and investments in Traditional Activities and Regional Natural Gas Development increase.

Higher hydrocarbon production target: ~170 thousand boe/day, supported by higher investments, facilitated by the expansion of production licenses.