Half Year 2024 OMV Petrom SA Earnings Call Transcript
Key Points
- OMV Petrom SA (BSE:SNP) reported a 156% year-on-year increase in operating cash flow for Q2 2024, reaching RON1.1 billion.
- The company achieved an excellent refinery utilization rate of 98%, with total refined product sales volumes increasing by 24% year on year.
- OMV Petrom SA (BSE:SNP) made significant progress in its Neptun Deep project, remaining on schedule for drilling the first well in 2025 and first gas in 2027.
- The company secured feedstock for its SAF and HVO production in Petrobrazi refinery starting 2028, ensuring a sustainable supply chain.
- OMV Petrom SA (BSE:SNP) announced the distribution of a special dividend of RON0.03 per share, with payment starting from September 3, 2024.
- The clean CCS operating result for Q2 2024 was 15% lower year on year, at RON1.4 billion.
- Hydrocarbon production decreased by 3% due to natural decline in main fields, despite good results from workover jobs and new wells.
- The gas and power segment reported a negative clean operating result of minus RON51 million, impacted by market developments and regulatory changes.
- OMV Petrom SA (BSE:SNP) faced a high double-digit million euro negative net impact from regulatory changes for April to December 2024.
- Production cost per barrel of oil equivalent increased by 1% year on year to $15.62, driven by lower volumes available for sale and higher personnel costs.
Good afternoon, ladies and gentlemen, and welcome to the OMV Petrom's earnings call. Today's presentation will last around 30 minutes and will be recorded. By now you should have received the presentation by email. The slides and the speech are also available online on www.omvpetrom.com in the Investors section. These also include the cautionary statement regarding forward-looking statements.
Now let me hand over to Simona Crutu, Manager of the Investor Relations and Stakeholder Engagement Department, who will moderate the event.
Good afternoon, ladies and gentlemen, and thank you for joining us. We will have a presentation followed by a Q&A session. Christina Verchere, Chief Executive Officer, will provide the key highlights about the macroeconomic and regulatory environment, our second quarter operational performance, as well as our progress in terms of strategy. Alina Popa, Chief
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