OMV Petrom -OMV 4Q Trading Statement
Raiffeisen Capital & Investment - 3 February 2012
According to data released within OMV's Trading Statement, Petrom's oil production in 4Q 2011 stood at 186,000 boe/day, which is 1% higher qoq and 0.5% higher yoy as first volumes from the exploration well Totea contributed with 1,500 boe/d.
Gas sales volumes decreased 9% qoq as warmer weather triggered lower demand. The 4Q result will be impacted by special charges related mainly to the provision of approx. EUR 120 mn for the fine imposed as a result of the antitrust investigation of the Romanian Competition Council.
We consider positive the data on the increased production volumes. The E&P result will be impacted by a 3% qoq decrease in Urals price to 109.1, nevertheless on an annual basis the oil price was up 28%. Taking into account the negative impact of the provision, which would have a significant impact on the 4Q net profit, we view the news as neutral.
Source: http://www.rciro.ro
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