Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

OMV 1Q 10 Trading statement (positive)

OMV's 1Q 10 operating figures reported in today'a trading statement show a slightly lower-than-expected production development, but a positive surprise regarding refining margin and gas sales volumes.

Group production of 317,000 boepd disappointed our expectation of 332,000 boepd, while Romanian production was in line at 185,000 boepd. The regulated Romanian gas price did not change in RON terms (RON 495/tcm), which is also according to expectations. The refining margin came in at USD 2.92/bbl, much better than our expectation of USD 1.60/bbl. Group gas sales volumes were at 5.61 bcm (we expected 4.61 bcm), in Romania they amounted to 1.47 bcm (our expectation: 1.33 bcm). Upstream production volumes were below expectations due to a shut-down at the Maari field in New Zealand that was longer than expected. In Romania, gas production was lower yoy as the Russian-Ukrainian gas crisis forced higher Romanian domestic gas production. Romanian oil production suffered from severe winter conditions.

The refining margin profited from better gasoline and naphtha spreads (a positive for the Romanian refineries), while the more cyclical middle distillate spreads remained unchanged on a low level. A stronger USD and CCS effectds also helped refining profitability. Gas sales were strong thanks to the cold weather, but margins were squeezed because spot prices are much lower than the price of the long-term contracts. Borealis results will be good thanks to inventory gains and recovering petchem margins, while Petrol Ofisi's results will be impacted by seasonally lower demand, however also profiting from inventory gains. OMV reports net special income of EUR 15 mn from the sale of roughly 100 Italian filling stations, while the oil price hedging contracts created a cash-neutral gain in time value of EUR 35 mn. The effective tax rate will be below the 2009 average.

We expect a positive market reaction from the 1Q 10 Trading Statement.

Sursa: http://www.rciro.ro

Tags: production romanian positive statement trading

Articole similare