OMV Petrom’s total sales of refined products were 5% higher in Q1 2022 compared to Q1 2021 as a result of improved demand, the company announced. Group retail sales volumes increased by 9%. Although retail and commercial margins were lower, significantly improved refining margins (from 15.5, to 18.3 dollars per barrel) contributed to a CCA operating income excluding special items of 626 million lei in Q1 2022, compared to 308 million lei in Q1 2021.
OMV Petrom Group ended the first quarter of 2022 with sales of almost 12 billion lei (+145% compared to Q1 2021, 4.86 billion lei), and a tripled net profit of almost 1.8 billion lei (573 million lei in Q1 2021). The results are decisively influenced by the unprecedented context of high and volatile prices generated by the Russia-Ukraine war, but also by higher sales volumes.
Production fell by 12.7%, “mainly due to asset sales and sharp natural declines in core fields”, and the cost of production increased by 13% to 14.2 dollars per barrel of oil equivalent, “mainly reflecting lower production and higher power costs, partly offset by the positive impact of exchange rates”.
Investments increased by 10% to 0.6 billion lei.