Slide 1: OMV Petrom Q1/23 Results
OMV Petrom Q1/23 Results Christina Verchere, CEO April 28, 2023 OMV Petrom S.A.
Slide 2: Legal disclaimer
Legal disclaimer This presentation does not, and is not intended to, constitute or form part of, and None of the future projections, expectations, estimates or prospects in this should not be construed as, constituting or forming part of, any actual offer to sell presentation, including (without bei
Slide 3: Volatile yet lower commodity prices
Volatile yet lower commodity prices Oil prices FX OMV Petrom indicator refining margin1 USD/bbl RON/USD, RON/EUR USD/bbl 4.9 4.9 4.9 4.9 4.9 4.9 4.8 24.4 4.4 4.6 4.6 18.3 17.1 18.8 16.6 102 90 114 101 79 89 81 74 64 51 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Avg USD/RON Avg EUR/R
Slide 4: Romanian environment: negative demand evolution
Romanian environment: negative demand evolution GDP 5.0% 4.8% 2.4% 3.7% Growth expected Q4/221 20221 2023e2 2024e2 Inflation 14.5% 7.0% 4.2% (CPI) On a downward Mar 22/Mar 211 2023e3 2024e3 trend Romania maintained at investment grade by major rating agencies4 Demand Q1/23 yoy 2022 yoy Fuels5 -3% +2
Slide 5: High regulatory interventions
High regulatory interventions Regulations in place Increasingly regulated gas sales portfolio Gas and power market: Q1/22 Q4/22 16% 22% Law 357/2022: approving GEO 119/2022; applicable until Mar 84% 2025 55% GEO 153/2022: obligation to sell a significant part of the 23% electricity produced at a
Slide 6: Key messages Q1/23
Key messages Q1/23 Strong financial performance Clean CCS Operating result Operating Cash Flow Clean CCS ROACE RON 2.1 bn RON 4.7 bn 37.3% -7% yoy +77% yoy +19pp yoy Good operational performance Strategic focus Contribution from drilling and workover partly offset natural Neptun Deep: decline
Slide 7: Good operational performance in the context of lower market demand
Good operational performance in the context of lower market demand Exploration and Production Refining and Marketing Gas and Power Hydrocarbon production Refinery utilization rate Gas sales volumes kboe/d % TWh -4% -4% 00% pp +3% 121 120 117 118 116 98 99 99 98 12.7 12.5 13.1 11.0 58 57 56 57 56 9.8
Slide 8: Increasing CAPEX
Increasing CAPEX Group CAPEX1 RON bn Q1/23 2023E ~6 RON 1.0 bn: RON ~6.0 bn: 8 new wells and sidetracks; ~130 Wells and sidetracks: ~55; ~450 workovers workovers Coke drums replacement Neptun Deep project 3.6 Planned major turnaround in Petrobrazi 2.8 Preparations for major turnaroun
Slide 9: Progress on delivering on our sustainability targets recognized by ESG rating agencies
Progress on delivering on our sustainability targets recognized by ESG rating agencies Clear support for Paris Climate Improved and increased number of Agreement ESG ratings E -11% -70% Medium risk 2021: High Carbon intensity, Scope Methane intensity in 1&2 1 E&P 1 A- 3 2021: same S 31% 40 mn EUR C+
Slide 10: OMV Petrom Q1/23 Results Alina Popa, CFO
OMV Petrom Q1/23 Results Alina Popa, CFO April 28, 2023 OMV Petrom S.A.
Slide 11: Income Statement: resilient results
Income Statement: resilient results Clean CCS Operating Result RON bn -7% Q1/23 Clean CCS Operating Result reflects: 2.2 2.1 2.1 ► Lower commodity prices and refining margin 0.7 0.1 0.7 0.6 0.9 0.6 ► Higher sales volumes of fuel products and gas 1.1 1.1 1.0 ► Lower industry specific taxation -0.2
Slide 12: Clean CCS Operating Results supported by good performance, despite lower prices and reduced demand
Clean CCS Operating Results supported by good performance, despite lower prices and reduced demand E&P RON mn Positive FX effect on revenues 1,106 164 Lower E&P taxation -284 985 Realized crude price -12%; lower realized gas price Hydrocarbon sales -4% Q1/22 Market effects1 Operational effec
Slide 13: Cash flow
Cash flow Cash Flow from Operating Activities RON bn +77% 4.7 Q1/23 Cash Flow from Operating Activities: 2.6 1.8 2.9 ► Decrease in operating cash flow before working capital changes 3.3 2.7 ► Positive NWC 1.7 -0.6 -0.9 Q1/22 Q4/22 Q1/23 Cash generated from operating activities before net working c
Slide 14: Outlook
Outlook Indicators Actual Assumptions/ Targets Assumptions/ Targets Q1/23 2023 2024-2025 averages Brent oil price USD 81.2/bbl USD >80/bbl USD ~75/bbl Production 1 116 kboe/d ~110 kboe/d 95 – 100 kboe/d Refining margin USD 16.6/bbl USD >9/bbl USD ~9/bbl CAPEX RON 1.0 bn RON ~6.0 bn RON ~7.0 bn FCF b
Slide 15: Q&A
OMV Petrom S.A. @ OMV Petrom The energy for a better life.
Slide 16: Back-up
OMV Petrom S.A. @ OMV Petrom The energy for a better life.
Slide 17: Sensitivities in 2023
Sensitivities in 2023 2023 sensitivities EBIT impact Brent oil price USD +1/bbl ~EUR +15 mn OMV Petrom USD +1/bbl ~EUR +25 mn indicator refining margin Exchange rates USD appreciation ~EUR +50 mn EUR/USD by 5 USD cents 17 | OMV Petrom Q1/23 Results