Romanian oil and gas group OMV Petrom reported a 41 per cent jump in fourth-quarter adjusted operating profit on Wednesday, driven by stronger refining margins, higher gas and power margins and increased gas sales volumes.
The Bucharest-listed group posted operating profit adjusted for clean current cost of supply at RON1.35 billion ($313.6 million), up from RON955 million a year earlier.
The clean operating result, which is based on the current cost of supply, excludes one-off items and short-term gains and losses from energy inventory holdings.
Gas and power clean operating profit jumped to RON344 million from a RON76 million loss, boosted by a 10 per cent rise in gas sales to 14.0 TWh - the highest for the fourth quarter since 2019 - and higher output at the Brazi power plant.
Refining margins more than doubled to $16.80 a barrel, helped by strength in gasoline and diesel.
Capital spending increased by nine per cent to RON2.6 billion, largely owing to investments in the Neptun Deep offshore gas project.
Neptun Deep, which is expected to start producing in 2027, holds an estimated 100 billion cubic metres of recoverable gas, making it one of the EU's most significant natural gas deposits.
OMV Petrom said it plans to drill development wells in the Domino field this year, with the Anaconda-1 deepwater exploration well to follow after development drilling.
For 2026, OMV Petrom expects net capital expenditure of up to RON9.4 billion, with about RON9 billion in organic spending, focused on Neptun Deep, renewables and “low-carbon” fuel projects. It warned, however, that free cashflow before dividends will turn negative because of record investment levels.
(Reporting by Antonis Pothitos Editing by David Goodman)
