Romanian oil and gas group OMV Petrom (SNP) reduced its total hydrocarbon production by 7.6% year-on-year to 140,200 barrels of oil equivalent (boe) per day in Q4, 2020.

The output in Q4 was also 0.8% lower than in the previous quarter, according to the group's key operational indicators released on January 14.

The total volume of hydrocarbon sales was 133,300 boe per day, (-6.8% year-on-year, steady quarter-on-quarter), of which crude oil and condensate sales amounted to 70,400 boe per day (-6.4%), while the natural gas sales also dropped, by 7.4% year-on-year, to 62,900 boe per day.

The average price of crude oil during this period was USD 37.22 per barrel, USD 1 more than in Q3, 2020 but a massive USD 17.2 or 31.6% less than in Q4, 2019.

On the Downstream Oil side, the refining margin in Q4 was USD 2 per barrel, double compared to the previous quarter, but less than half that recorded in Q4 2019 (USD 4.64/bbl).

The utilization rate of the Petrobrazi refinery went up to 96% in Q4, from under 90% in Q2 and Q3. The total sales of refined products reached 1.27 million tonnes in Q4, 2020, down 9.9% from the same period last year.

In the Downstream Gas segment, gas sales to third parties were 10.62 TWh, down 37.9% compared to Q4 / 2019.

The electricity production note amounted to 1.18 TWh, minus 6.3%.

OMV Petrom will publish its financial results for Q4 and the full year on February 4, 2021.

OMV Petrom is the company with the highest capitalization on the Bucharest Stock Exchange (BVB) - EUR 4.63 bln (as of January 14).

andrei@romania-insider.com

(Photo source: Omvpetrom.com)