OMV Petrom reported a net profit of RON 3.1 billion in 2025, down 27% year-on-year, mainly impacted by net impairment adjustments of RON 2.2 billion related to decommissioning obligations agreed with the Romanian state and impairments on Exploration and Production (E&P) assets, the company said in a statement.
Christina Verchere, CEO of OMV Petrom, said 2025 marked an important year in implementing the company’s Strategy 2030, supported by investments of approximately RON 7.8 billion.
“Net profit decreased by 27% to RON 3 billion, mainly affected by impairment adjustments for decommissioning obligations and higher taxation in E&P, while our CCA operating result excluding special items declined by 10% to RON 5.2 billion. Our contribution to the state budget through taxes and dividends remained strong at around RON 16 billion,” Verchere said.
She added that despite market volatility, the company’s integrated business model proved resilient, with downstream operations partly offsetting the impact of lower oil prices, particularly in the fourth quarter. OMV Petrom expects another challenging year ahead, marked by high price volatility and slow economic growth, and plans record investments of about RON 9 billion while maintaining strict cost discipline.
Looking forward, the company has adjusted several strategic targets in response to evolving market dynamics, while continuing to focus on the energy transition and greenhouse gas reduction goals.
Group performance
OMV Petrom’s CCA operating result excluding special items fell 10% year-on-year to RON 5.2 billion, mainly due to lower oil prices and volumes.
Organic investments reached a record RON 7.7 billion, up 23%, largely driven by spending on the Neptun Deep project. Total investments increased 9% to RON 7.8 billion.
The company’s contribution to the state budget remained stable at approximately RON 16 billion. The Management Board proposed a total dividend per share of RON 0.0578, down 10% from the previous year, including a base dividend of RON 0.0466 and a special dividend of RON 0.0112.
Exploration and Production
The operating result excluding special items dropped 27% to RON 2.17 billion, mainly due to lower oil prices and production volumes.
Hydrocarbon production declined 4% to 104,500 barrels of oil equivalent per day, still the second-best performance in the last eight years. Oil and condensate output fell more sharply, while natural gas production remained stable.
Production costs increased 9% to USD 17.8 per barrel of oil equivalent, largely due to external pressures such as currency fluctuations and construction taxes.
Refining and Marketing
The CCA operating result excluding special items remained stable at RON 2.45 billion.
OMV Petrom’s refining margin rose 35% to USD 12.4 per barrel in 2025. Refinery utilization decreased to 93% from 97% in 2024 due to a planned shutdown in the second quarter and crude supply challenges in the third quarter.
Total refined product sales fell 5% to 5.5 million tonnes, while retail sales remained steady at 3.2 million tonnes.
Gas and Power
The operating result excluding special items stood at RON 356 million, broadly unchanged from 2024.
Total natural gas sales increased 12% to 48.3 TWh, the highest annual level since 2021. Output from the Brazi power plant reached 4.7 TWh, down slightly from 4.9 TWh in 2024, accounting for 9% of Romania’s electricity mix.
Strategy 2030 and key developments
OMV Petrom maintained its total investment budget of approximately €11 billion for 2022–2030 but adjusted allocations, reducing the share for low- and zero-carbon projects to around 25% from 35%, while increasing investments in traditional operations and regional gas development.
The company raised its hydrocarbon production target to around 170,000 boe/day, supported by higher investments and extended production licenses.
In Romania, development drilling continued at the Neptun Deep offshore gas project, alongside equipment manufacturing and construction of the gas metering station. The exploration phase for the Neptun block was extended, and the Anaconda-1 well is scheduled for drilling after development works are completed. In Bulgaria’s Han-Asparuh block, exploration drilling began in December 2025, supported by new partners NewMed Energy and state-owned BEH.
OMV Petrom also reported progress in traditional operations, including extended onshore licenses, a new gas discovery near Craiova, successful planned shutdowns across all segments, and the commissioning of a new sulfur recovery unit at the Petrobrazi refinery. The company expanded its bitumen business through strategic partnerships with Romanian firms.
Low-carbon projects
Construction began on a sustainable aviation fuel (SAF/HVO) unit at Petrobrazi, while 900 MW of renewable power capacity is under development in Romania, including four photovoltaic parks totaling 550 MW in partnership with CE Oltenia.
The company also acquired a 50% stake in one of Bulgaria’s largest photovoltaic projects and expanded its regional electric vehicle charging network to around 1,350 charging points.