Q3 2024 OMV Petrom SA Earnings Call Transcript
Key Points
- OMV Petrom SA (BSE:SNP) reported robust operational performance despite lower oil and gas prices, supported by integration benefits.
- The company is progressing well with its Neptun Deep project, maintaining its schedule for drilling the first well in 2025 and achieving first gas in 2027.
- OMV Petrom SA is on track to achieve its renewable power capacity target of 2.5 gigawatts by 2030, with significant progress in photovoltaic projects.
- The company has positioned itself as the largest player in e-mobility in Romania, aiming to reach around 1,000 fast and ultra-fast charging points by the end of the year.
- OMV Petrom SA continues to focus on reducing greenhouse gas intensity, with a year-on-year decrease in GHG intensity across all business segments.
- OMV Petrom SA's clean CCS operating result decreased by 36% year on year, reflecting lower oil and gas prices and regulatory impacts.
- The company's refining margins dropped significantly, with a 58% decrease year on year, mainly due to weaker gasoline and middle distillate spreads.
- The gas and power segment faced challenges with decreased prices and margins, alongside negative effects from regulatory changes.
- OMV Petrom SA's operating cash flow declined by 22% year on year, impacted by higher inventories and increased excise payments.
- The company faces high regulatory and taxation burdens in the Romanian gas and power sector, affecting financial results.
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 e-mail. 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, as well as the third-quarter operational performance. Alina Popa, Chief Financial Officer, will give you more details on our
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