OMV Petrom results Jan Jun and Q2/15 August 12, 2015
Content Market environment Operational and financial highlights Upstream update Outlook 2015 Note: All the figures refer to OMV Petrom Group (herein after also referred to as the Group). The financials represent OMV Petrom…
Market environment Andreas Matje, CFO
Business environment Latest available data as of July 2015 International environment Romania: macroeconomic stability Oil price fell by 47% in H1/15 vs IMF3 estimate for 2015 GDP growth at H1/14 3.8%. In Q1/15 GDP rose by 4.1%…
Dynamics of the Romanian energy sector Demand 1 Fuels +12%; Gas -7%; Power +2%; Demand and prices Prices 6m/15 vs 6m/14 Urals: -47% Gas price deregulation for HH4 continued; power prices2 almost stable Gas and Power: undergoing…
Operational and financial highlights Andreas Matje, CFO
Q2/15 overview Clean CCS EBIT (RON mn) Production stable at 181 kboe/d -43% 1,147 RON weaker than USD Average Urals crude price at USD 61.42/bbl 657 Significantly higher refining margin 1,330 551 Gas sales volumes of 10.57 TWh (…
Special items and CCS effect Q2/15 (RON mn) in RON mn Q2/15 Q2/14 Clean CCS EBIT 657 1,147 786 CCS gains/ (losses) 47 14 657 (15) (5) 102 Clean EBIT 704 1,161 47 Personnel related costs (15) (1) Other impairments (5) (491)…
Clean CCS net income Clean CCS net income attributable in RON mn Q2/15 Q2/14 to stockholders (RON mn) EBIT 786 626 26% Financial result 43 (55) n.m. -42% Income tax (138) (259) (47)% 827 Effective tax rate 17% 45% (63)% Net…
Cash flow 6m/15 (RON mn) in RON mn 6m/15 6m/14 Profit before taxation 1,301 1,911 (32)% Depreciation and amortization 1,847 2,148 (14)% (59) (420) Net interest received/ (paid) 125 (25) n.m. Tax on profit paid (420) (463) (9)%…
CAPEX and EBITD 6m/15 (RON mn) Key investment projects 3,128 Upstream: Field redevelopment executions, workover activities, drilling as well as investments related to Neptun 2,069 2,167 Deep project 1,947 Downstream Oil: 3+3…
Upstream Clean EBIT Q2/15 vs Q1/15 (RON mn) Q2/15 vs Q2/14 (RON mn) 1,330 50 (67) 69 551 551 (892) 20 (44) 138 175 324 Q1/15 Realization Volume Exploration Other Q2/15 Q2/14 Realization Volume Exploration Other Q2/15…
Upstream KPIs Hydrocarbon production (kboe/d) OPEX (USD/boe) Oil and NGL Gas 180 178 182 184 181 -30% 18.70 16.37 17.02 14.23 13.16 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Group hydrocarbon production…
Downstream Gas Clean EBIT Q2/15 vs Q2/14 (RON mn) EBIT impacted in Q2/15 by RON (40) mn provisions for outstanding receivables (14) Gas sales volumes decrease by 6% due to lower sales (65) (84) to the fertilizer industry and heat &…
Upstream update Gabriel Selischi, EB member
Upstream in H1/15 Delivery on promises in Romania 0.37 Lowest LTIR1 since privatization 25% OPEX2 reduction vs H1/142 30% Reduction of CAPEX (excl. E&A3) vs H1/14 s H1/2014013 1% Marginal production increase vs H1/14 4 Deep…
Upstream High safety and efficiency focus Operations safety - our top priority Upstream LTIR1 Romania irrespective of cost reduction LTIR substantially improved 1.6 H1/15: the lowest level since privatization Lower than IOGP2…
Upstream Reduced Group OPEX to a new base USD/boe OPEX H1/15 decreased by 23% -23% compared to H1/14 mainly due to: 17.86 Favorable FX effects 13.70 Stable Lower personnel costs (outsourcing, overtime, leased personnel) Lower…
Upstream Group CAPEX was adjusted to the new oil price environment Upstream CAPEX (excl. E&A) Maintain guidance of 25-35% CAPEX reduction RON mn for 2015 vs 2014 -28% CAPEX (excl. E&A) reduced by 30% in H1/15 compared to H1/14:…
Upstream Scaled down investments will impact production H1/15 Group production 1% higher compared to Production in Romania, same period last year kboe/d, CAGR Workovers in H1/15 7% higher contribution to daily production -3% FRDs…
Upstream Offshore exploration Neptun Deep: activity continues Drilling campaign 2014/2015: Domino-2, Pelican South-1, Dolphin-1, Flamingo-1 and Califar-1 wells were finalized Data under evaluation Exploration drilling campaign to…
Upstream Outlook H2/15 Adapt to the new oil price environment No compromise on safety HSSE Focus on behavioral change Operational Strive to limit production decline in 2015 excellence Implement leaner & simpler operational…
Outlook 2015 Andreas Matje, CFO
Outlook 2015 Oil price: Brent average between USD 50-60/bbl International market Refining margin: Expected to decline from 6m/15 levels Gas: Demand not expected to recover, increased competition Romanian Power: Demand stable, prices…
Strict CAPEX and cost management Group CAPEX reduced by EUR 0.4 bn1 in 2015 Group CAPEX adjustments Neptun Deep continuing exploration activities EUR 1.4 bn Efficiency and cost reduction program in place EUR 1bn Tight personnel…
Closing remarks Strong foundation to cope with current market downturn Consistent delivery on promises regarding CAPEX and OPEX adjustments, within the current market environment Maximize integrated value Neptun Deep exploration…
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