Omv Petrom Sa · BVB:SNP
Omv Petrom Sa — Q1 2024 Earnings Presentation
18 slides from Omv Petrom Sa's earnings presentation, Apr 30, 2024
Slide 1: OMV Petrom Q1/24 Results
OMV Petrom Q1/24 Results Christina Verchere, CEO April 30, 2024
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, constituting or forming part of, any actual offer to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares issued by the Company or any
Slide 3: Commodity prices: Volatile market environment
Commodity prices Volatile market environment Oil prices FX OMV Petrom indicator refining margin USD/bbl RON/USD, RON/EUR USD/bbl 4,9 4,9 4,9 5,0 5,0 16,6 16,8 4,6 4,5 4,5 4,6 4,6 12,6 11,2 10,8 81 78 87 84 83 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Avg USD/RON Avg EUR/RON Avg Bre
Slide 4: Growth in demand for all our products returning
Romanian environment Growth in demand for all our products returning GDP 2.1% 1.1% 2.9% Growth expected 20231 Q4/231 2024e2 Inflation 6.6% 6.6% 4.7% (CPI) On a downward Dec 23/Dec 22 Mar 24/Mar 231 2024e3 trend Romania maintained at investment grade by major rating agencies4 Demand Q1/24 yoy 2023 yo
Slide 5: First steps towards deregulation of gas and power sector
Romanian regulatory framework First steps towards deregulation of gas and power sector New regulations approved in Q1/24 Highly regulated gas sales portfolio GEO 32/2024 amends GEO 27/2022 Q1/24 Q4/23 Applicability: starting April 2024; most deadlines of GEO 27 14% 20% shortened to end-2024 61% 53
Slide 6: Key messages Q1/24
Key messages Q1/24 Continued to deliver on our Strategy 2030 Good financial performance Clean CCS Operating result Operating Cash Flow Clean CCS ROACE RON 1.8 bn RON 3.0 bn 25.2% -16% yoy -36% yoy -12.1 pp yoy Operational performance Strategic focus Neptun Deep: progressed according to plan Rene
Slide 7: Operational performance: Resilient performance
Operational performance Resilient performance Exploration and Production Refining and Marketing Gas and Power Hydrocarbon production Refinery utilization rate Gas sales volumes kboe/d % TWh -4% -4% -5 pp -4% 116 114 113 110 112 98 95 95 93 13,1 12,5 12,6 11,7 56 55 54 54 54 9,5 31 60 59 59 56 58 Q1/
Slide 8: Entered the most investment intensive period in our history
CAPEX Entered the most investment intensive period in our history Group CAPEX1 RON bn ~8 Q1/24 2024E RON 1.0 bn: RON ~8 bn: Neptun Deep project Neptun Deep project 7 new wells and sidetracks; ~140 Wells and sidetracks: ~40; up to 500 workovers workovers 4.7 New aromatic unit 6.5 New
Slide 9: Continue to deliver on our sustainability targets
Continue to deliver on our sustainability targets Clear support for Paris Improved and increased Climate Agreement number of ESG ratings Medium risk E -11% -72% 2022: Medium Carbon intensity, Scope Methane intensity in A- 3 1&2 1 E&P 1 2022: same S 30% 41 mn EUR C+ 2022: C+ Women in Social projects
Slide 10: OMV Petrom Q1/24 Results - Alina Popa, CFO
OMV Petrom Q1/24 Results Alina Popa, CFO April 30, 2024
Slide 11: Income Statement: Robust results
Income Statement Robust results Clean CCS Operating Result RON bn -16% 2.1 2.2 Q1/24 Clean CCS Operating Result reflects: 0.1 1.8 0,7 0,5 0.1 ► Lower refining margins and utilization 0,6 0,7 0,4 0,5 1,0 ► Lower gas and power margins 0,9 0,7 -0.2 ► Higher refined products sales Q1/23 Q4/23 Q1/24 ►
Slide 12: Solid Operating Results
Clean CCS Operating Result Solid Operating Results E&P Lower E&P taxation RON mn Realized crude price +4% 985 48 -304 728 Lower realized gas price Hydrocarbon sales -3% Higher production costs Q1/23 Market effects1 Operational effects Q1/24 Higher depreciation R&M and G&P RON mn Refine
Slide 13: Cash flow: Strong cash generation
Cash flow Strong cash generation Cash Flow from Operating Activities RON bn -36% 4.7 Q1/24 Cash Flow from Operating Activities: 2,9 3.0 2.0 ► Operating cash flow before working capital changes stable yoy 2,3 2,9 1,7 0.1 ► Positive working capital, yet significantly lower yoy -0.3 Q1/23 Q4/23 Q1/24
Slide 14: Outlook 2024-2026
Outlook 2024-2026 Indicators Actual Assumptions/ Targets Assumptions/ Targets Q1/2024 2024 2025-2026 averages* Brent oil price USD 83/bbl USD ~85/bbl USD ~70-75/bbl (prev. USD ~80/bbl) Production 1 112 kboe/d >106 kboe/d ~100 kboe/d Refining margin USD 12.6/bbl USD ~10/bbl USD ~10/bbl CAPEX RON 1.0
Slide 15: Q&A
Q&A April 30, 2024
Slide 16: Back-up
Back-up April 30, 2024
Slide 17: Sensitivities: EBIT impact in 2024
Sensitivities EBIT impact in 2024 2024 sensitivities Change EBIT impact Brent oil price USD +1/bbl ~EUR +15 mn OMV Petrom indicator refining margin USD +1/bbl ~EUR +30 mn Exchange rates EUR/USD USD appreciation by 5 USD cents ~EUR +50 mn 17 OMV Petrom Q1/24 Results
Slide 18: OMV Petrom
@ OMV Petrom