Omv Petrom Sa · BVB:SNP
Omv Petrom Sa — Q4 2024 Earnings Presentation
19 slides from Omv Petrom Sa's earnings presentation, Feb 4, 2025
Slide 1: OMV Petrom Q4/24 Results
OMV Petrom Q4/24 Results Christina Verchere, CEO February 4, 2025 Picture: Transocean Barents rig contracted to drill the production wells in the Neptun Deep block
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: 2024: Outstanding year for strategy execution
Strategy 2030 in action 2024: Outstanding year for strategy execution Neptun Deep Renewable power Biofuels & E-mobility Attractive dividends • >90% of budget committed >2.4 GW project portfolio capacity • FID taken for SAF/HVO plant, • Yield6 of total dividend paid in achieved2 incl 2 green H2 elect
Slide 4: Resilient performance supported by our integrated business
Key messages Q4/24 Resilient performance supported by our integrated business Clean CCS Op. result Q4/24 highlights Strategic focus continued RON 1 bn ● Neptun Deep: ● Good financial performance in the -57% yoy context of weaker commodity ✓ Drilling rig arrived in Constanta, Romania prices and margi
Slide 5: Volatile market environment
Commodity prices Volatile market environment Oil prices FX OMV Petrom indicator refining margin USD/bbl RON/USD, RON/EUR USD/bbl 5,0 5,0 5,0 5,0 5,0 4,6 4,6 4,6 4,5 4,7 12,6 10,8 9,7 84 83 85 80 75 7,1 7,4 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Avg USD/RON Avg EUR/RON Avg Brent
Slide 6: Increasing demand for our products
Romanian environment Increasing demand for our products GDP 2.1% 0.9% 1.4% 2.5% Growth expected 20231 9m/241 2024e2 2025e2 Inflation (CPI) 6.6% 5.1% 3.5% On a downward trend Dec 23/Dec 22 Dec 24/Dec 233 2025e3 Romania at investment grade by major rating agencies, however with recent negative outlook
Slide 7: Fiscal burden increasing
Romanian regulatory framework Fiscal burden increasing Regulations applicable in 2024-2025 Highly regulated gas sales portfolio ● Construction tax: introduced starting 2025 at 1% of the value of Q4/24 Q3/24 constructions; clarifications are expected with regards to 17% 14% application details 62% 57
Slide 8: Divisional performance E&P
Divisional performance E&P Main drivers for Q4/24 results Outlook 2025 ● Realized crude price -11% ● Brent oil price: USD ~75/bbl (2024: 81/bbl) ● Hydrocarbon sales -4% ● Production2: ~104 kboe/d (2024: 109 kboe/d) ● Higher E&P gas taxation ● Production cost: USD ~16/bbl (2024: USD 16.3/bbl) ● Highe
Slide 9: Divisional performance R&M
Divisional performance R&M Main drivers for Q4/24 results Outlook 2025 ● Refined products sales -5% ● Refining margin: USD 7-8/bbl (2024: USD 9/bbl) ● Refining margin -32%; lower retail and commercial margins ● Refinery utilization: 90-95% (2024: 97%) ● Additional tax on revenues ● Retail fuels dema
Slide 10: Divisional performance G&P
Divisional performance G&P Main drivers for Q4/24 results Outlook 2025 ● Lower gas and power margins ● Demand for gas in Romania: stable yoy ● Lower power production and sales ● Demand for power in Romania: stable yoy ● Total gas sales volumes: lower yoy ● Higher gas volumes ● Net electrical output:
Slide 11: OMV Petrom Q4/24 Results - Alina Popa, CFO
OMV Petrom Q4/24 Results Alina Popa, CFO February 4, 2025
Slide 12: Robust results; strong cash generation
Financials Robust results; strong cash generation Clean CCS Operating Result Cash Flow from Operating Activities RON bn RON bn -76% -36% -57% -32% 2.0 10.1 2.2 8.5 6.5 0.1 0.5 0,5 2,1 5.7 2,3 9,7 1.0 2,5 0.4 1,2 8,4 0,7 0.1 2,4 -0.3 1,9 0,4 -0,7 -0.7 0,9 4,2 3,0 -1,5 -1,2 0,5 Q4/23 Q4/24 -0.1 -0.3 0
Slide 13: Progressing in the most investment intensive period in our history
CAPEX Progressing in the most investment intensive period in our history Group CAPEX1 RON bn per business segment <8.6 <8.6 2024 2025E 7.2 7.2 ● RON 7.2 bn: ● RON up to 8.6 bn: ● Neptun Deep project in execution ● Neptun Deep project 4.7 phase ● Wells and sidetracks: 3.6 ● 39 new wells and sidetrack
Slide 14: 2024 – another year with a proposed progressive base dividend
Attractive payout ratios 2024 – another year with a proposed progressive base dividend Dividend per share evolution Progressive base Special dividend dividend RON/share 0.0825 0.0791 0.0713 2024 potential special dividend: decision to be announced mid-2025 0,0450 0,0450 0,0300 0,031 0,031 0,027 +196
Slide 15: Guidance for 2025-2027
Outlook Guidance for 2025-2027 Indicators Actual Assumptions / Targets Assumptions / Targets 2024 2025 2026-2027 averages Brent oil price USD 81/bbl USD 75/bbl USD ~75/bbl Production1 109 kboe/d ~104 kboe/d <130 kboe/d Refining margin USD 9/bbl USD 7-8/bbl USD ~8/bbl CAPEX RON 7.2 bn RON <8.6 bn RON
Slide 16: Q&A
~~ O64 February 4, 2025 ee & OMV Petrom
Slide 17: Back-up
~ Back-up February 4, 2025 & OMV Petrom
Slide 18: EBIT impact in 2025 (Sensitivities)
Sensitivities EBIT impact in 2025 2025 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 10 USD cents ~EUR +90 mn 18 OMV Petrom Q4/24 Results
Slide 19: OMV Petrom
@ OMV Petrom