OMV Petrom, the largest integrated energy producer in Southeastern Europe, reported a net profit of 4.2 billion RON in 2024, up 5 percent compared to 2023 (4 billion RON).

Christina Verchere, CEO OMV Petrom: “Our operational performance was strong in 2024: hydrocarbon production was better than planned, with the smallest decline in the last 7 years, and the refinery and power plant operated at high capacity. Thus, we significantly contributed to Romania’s energy supply, by providing about one-third of fuels demand, one third of gas demand and 10 percent of electricity generation.

In 2024, the clean CCS operational result decreased to RON 5.7 billion, reflecting a lower price environment, and negatively impacted by the regulatory changes introduced for natural gas and electricity, which led to a negative G&P result in the second and fourth quarters of last year.

We have made significant progress in implementing our Strategy 2030, which positions us for future low-carbon energy production. In 2024 only, we invested RON 7.2 billion, to support Neptun Deep development, renewable energy projects and electro-mobility network expansion. And we continued to be among the largest contributors to the state budget of Romania, through taxes and dividends, with RON 16 billion.

We expect 2025 to be a difficult and volatile year, with fiscal and regulatory challenges. Assuming a predictable and competitive fiscal and regulatory environment, we expect to reach a record high level of investments of around RON 8 billion, which would contribute to Romania’s energy security and to the country’s economy.”

Group

• Clean CCS Operating Result at RON 5.7 billion, 32 percent lower, lower commodity prices and negative impact from regulatory environment on the G&P business
• Net income at RON 4.2 billion vs. RON 4 billion in FY2023
• CAPEX increase by 52 percent at RON 7.2 billion vs RON 4.7 billion in FY2023
• State budget contribution at RON ~16.1 billion, similar to FY2023
• Dividends: base dividend of RON 0.0413/share paid in June 2024 and special dividend of RON 0.0300/share paid in September translating into a total dividend yield of 12.4 percent
• Base dividend proposal for 2024: RON 0.0444/share, up 7.5 percent yoy, translating into a dividend yield of 6.3 percentand payout ratio from 2024 OCF of 42.8 percent.

Exploration and Production

• Clean Operating Result at RON 3 billion, 29 percent lower, mainly driven by lower oil and gas prices and hydrocarbon sales volumes
• Production above expectations at 109 kboe/d vs. 113 kboe/d, a decrease of 3.8 percent, lowest in the last 7 years. This was due to good results from workovers and drilling partially mitigating natural decline
• Production cost increased by 2 percent to USD 16.2/boe, due to lower production available for sale.

Refining and Marketing

• Clean CCS Operating Result at RON 2.4 billion only marginally lower compared to RON 2.5 billion in FY2023, reflecting lower refining margins largely offset by sales channels performance
• OMV Petrom indicator refining margin at USD 9.2/bbl, 34 percent lower, as a result of weaker spreads for diesel and gasoline
• Refinery utilization rate at 97 percent vs. 80 percent in FY2023, as 2023 was impacted by the planned turnaround; significantly above the European average
• Total refined product sales higher by 6 percent. Romanian retail volumes increased by ~4 percent, supported by higher demand.

Gas and Power

• Clean Operating Result at RON ~0.4 billion vs RON 2.1 billion in FY2023; despite good operational performance, the results heavily impacted by changes of legislation and market dynamics
• Gas sales volumes down 7 percent, on lower volumes to wholesales and end-users, higher offtake by Brazi power plant
• Brazi power plant net electrical output of 4.9 TWh vs 4.2 TWh in FY2023, covering 10 percent of Romania’s power production. This was the second highest level achieved by the power plant since the start of operations, after the record set in 2022.

Grow regional gas

• Neptun Deep: progressed according to plan, with 90 percent of the budget already committed. The construction of the production platform advanced at the Saipem sites located in Indonesia and Italy. Drilling rig arrived in Romania
• Han Asparuh: OMV Petrom took over TotalEnergies’ interest in the Han Asparuh offshore block in Bulgaria, where OMV Petrom is the operator. OMV Petrom partnered with NewMed Energy to advance exploration in the block.

Transition to low and zero carbon

• Renewable power: closed the transactions with Renovatio and Janzten Renewables for total solar and wind capacities of ~1.9 GW. These, together with the announced partnership with CE Oltenia and our own photovoltaic project at Ișalnița, result in a portfolio of 2.4 GW
• Sustainable fuels: the final investment decision taken for the construction of a SAF/HVO plant and two green hydrogen units, positioning Petrobrazi to become the first major producer of sustainable fuels in SEE. The company also made steps to secure raw materials to produce sustainable fuels: signed contracts to purchase vegetable oil from Expur and acquired a 50 percent stake in Respira Verde, the largest collector and processor of used cooking oil in the country
• Electro-mobility: closed transaction with Renovatio contributing to the company having the largest EV charging network in Romania, with around 900 charging points at end-2024.