Omv Petrom Sa · BVB:SNP
Omv Petrom Sa — Investor Presentation (September 2023)
82 slides from Omv Petrom Sa's investor presentation, September 2023
Slide 1: Capital Market Story
OMV Petrom S.A. Capital Market Story September 2023
Slide 2: Contents
Contents 1 | Investment proposition 2 | Strategy 2030 3 | Q2/23 results 4 | Outlook 2023 5 | FY22 results 6 | Appendix All figures throughout this presentation refer to OMV Petrom Group (hereinafter also referred to as “the Group”), unless otherwise stated; figures are rounded, and they may not add
Slide 3: Disclaimer
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 being lim
Slide 4: Investment proposition
OMV Petrom S.A. Investment proposition
Slide 5: Growth, dividends and sustainability
OMV Petrom investment proposition Growth, dividends and sustainability Strong value creation Strong balance sheet Reduce carbon footprint Gearing ratio below 20% through the Net zero operations by 2050 period Rigorous capital discipline Sustainability at the core of our business CAPEX of EUR ~11 bn1
Slide 6: Highly competitive dividend distribution over the strategic cycle
Our commitment Highly competitive dividend distribution over the strategic cycle Dividend increase Special dividends Dividends p.a. on average % of operating cash flow 1 In favorable market environment, at management discretion, provided that our 5%-10% CAPEX plans are funded. € ~40% Committed to de
Slide 7: Largest integrated energy company in South Eastern Europe
Our business model Largest integrated energy company in South Eastern Europe Moldova Ukraine Romania 69 Moldova Romania 162 48% 60% Production 1P reserves Black Sea 43 mn boe 380 mn boe 393 Refinery Serbia 52% 40% Gas-fired power plant Gas Oil 63 93 Bulgaria Bulgaria - Han Asparuh Bulgaria Refining
Slide 8: Shareholder structure and capital market environment
Shareholder structure and capital market environment Top BVB listed company by market capitalization OMV Petrom S.A. shareholder structure1 Share price performance4 % Index Jan 2020 = 100 140 110 28% 51% 80 50 21% May-22 May-20 May-21 May-23 Mar-20 Jul-20 Mar-21 Jul-21 Mar-22 Jul-22 Mar-23 Jul-23 No
Slide 9: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 10: Transforming for a lower carbon future
OMV Petrom Strategy 2030 Transforming for a lower carbon future We will lead the energy transition in South-East Europe, capitalizing on emerging market opportunities Romania is among the fastest growing economies in Europe, driving increasing energy demand OMV Petrom is well placed to meet th
Slide 11: Transforming for a lower carbon future
OMV Petrom Strategy 2030 Transforming for a lower carbon future Strong capital discipline & dividend policy Transition to low and zero carbon Energy transition leader for Romania and SEE Optimize traditional Grow regional business gas Innovation & People & Responsible Digitalization Communities oper
Slide 12: Building a diversified, integrated energy transition business
OMV Petrom Strategy 2030 Building a diversified, integrated energy transition business OMV Petrom portfolio 2030 Clean CCS EBIT CAPEX % % 1 7 15 35 Renewable power Gas Biofuels 35 Gas based Alternative 20 power mobility 100 92 Fuels CCU&S Adding 50 45 5 low carbon Blue and Oil business activities gr
Slide 13: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 14: Romania is one of Europe's fastest growing economies
Energy context Romania is one of Europe’s fastest growing economies European energy environment is going through Romanian GDP per capita set to significant transformation grow1 CAGR, % 4.3 3.4 Energy security Fit for 55 2.3 1.5 0.4 -0.5 2010-20 2021-30 Technology and Romania Other SEE EU innovation
Slide 15: Strong growth estimated for Romania to 2030
Energy demand Strong growth estimated for Romania to 2030 Gas - household Power - household Gas demand Power demand consumption1 consumption1 Romania2 Romania2 MWh per capita MWh per capita TWh TWh 2.3 Romania Other SEE +20% -10% EU 1.7 1.6 1.5 121 +10% 1.0 +10% 60 0.4 2019 2019 2019 2030 2040 2019
Slide 16: Economic growth and rising living standards drive growth to 2030
Fuel demand Economic growth and rising living standards drive growth to 2030 Motorization rate1 Diesel demand2,3 Gasoline demand2,3 Jet demand2,3 cars/1000 inhabitants mn t mn t mn t +20% +10% +5% -30% -15% +10% 12.9 2.6 1.1 570 1.0 2.4 0.9 10.8 2.2 440 9.0 360 Fossil Bio 2019 2019 2030 2040 2019 20
Slide 17: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 18: Key directions
Decarbonization strategy Key directions Decarbonize current operations Expand lower carbon gas business Pursue new low and zero carbon business opportunities 18 OMV Petrom Capital Market Story – September 2023
Slide 19: Paving the way to Net Zero operations in 2050
Decarbonization strategy Paving the way to Net Zero operations in 2050 Scope 1 – 21 emissions Scope 1 – 2 carbon intensity2 mn t CO2 eq reduction % 4.9 -50% E&P Refining Power 4.3 -30% > 15% > 20% Gas & Power Refining & Marketing Exploration & Production > 70% 2010 2019 2030 -30% Actions aimed at re
Slide 20: Carbon intensity of energy supply to drop ~20% by 2030
Decarbonization strategy Carbon intensity of energy supply to drop ~20% by 2030 Scope 1 – 3 Net carbon intensity of energy supply g CO2 eq/MJ -35% 80 -20% 70 ~20% reduction in Scope 1-3 carbon emissions1 EU Taxonomy eligible CAPEX to reach 35%2 Lower and zero carbon energy for customers, to ac
Slide 21: Photovoltaic
Well positioned to capture opportunities Romania's solar potential to enable renewable power portfolio Photovoltaic Renewable Opportunities OMV Petrom target total capacity, power including partnerships, GW Photovoltaic ► Romania: the highest solar potential in the region ► > 10% contribution to the
Slide 22: Biofuels
Well positioned to capture opportunities Biofuels to exceed 15% in our total fuel production in 2030 Biofuels Biofuel Opportunities OMV Petrom target capacity, kt/year Advanced ethanol: ► Romania: unique combination of straw availability and cost Cellulosic ethanol ► Upgrading agricultural residues
Slide 23: Future mobility: new energy mix
Well positioned to capture opportunities Future mobility: new energy mix Electro Mobility Charging points with alternative fuels Grow e-mobility offer and become the preferred partner for electric fleets > 500 H2 mobility Active contribution to the development of H2 mobility - solution to decarboniz
Slide 24: New energy technologies: CCU&S and hydrogen
New energy technologies Unique opportunities beyond renewables, sustainable fuels, mobility Carbon capture, utilization & storage Hydrogen ► Romania: significant on- & offshore long-term CO2 storage ► Romania: gas production and renewable energy availability - potential to be evaluated opportunity f
Slide 25: Investing in low and zero carbon businesses
Investing in low and zero carbon businesses Generating attractive return Future mobility (EV, H2, Gas) Capex1 Biofuels New technologies ~EUR 3.7 bn (CCS, H2 etc.) IRR 9-15% Renewable power 1 Projects selection and prioritization will be based on risk and return assessments, including regulatory deve
Slide 26: Transition to low and zero carbon
Strategy 2030 execution Transition to low and zero carbon 2023 Continue Progress with the 1st Production capacity to Further expand EV developing our SAF/HVO plant increase by 50 kt/y by charging network renewables 2026 portfolio Focus areas Execution Partnership First batch of SAF FID for new unit
Slide 27: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 28: Neptun Deep: a growth project for OMV Petrom and Romania
Neptun Deep A growth project for OMV Petrom and Romania Robust economics to support Delivering on Ensure Romania’s OMV Petrom’s Strategy 2030 security of supply transformation and dividend policy ~50% increase in Gas production will Romania will become the OMV Petrom 2030 double and account for EU l
Slide 29: Neptun Deep – a transformational project
Key highlights Neptun Deep – a transformational project Project view: 100% interest ● FID: mid-year 2023 Neptun Deep ● First Gas: 2027 ● Production at plateau 1: ~140 kboe/d Operator, 50% ● Production cost 2: ~3 USD/boe ● Estimated recoverable volumes 3: ~100 bcm ● Development CAPEX: 3.8 - 4.0 EUR b
Slide 30: Our journey to the Development phase
Timeline Our journey to the Development phase 2008 2011-12 2014-15 Q1 2023 JV with First drilling Second drilling Tuzla-Podisor XOM campaign campaign capacity signed booking Domino 1 Pelican South signed with first discovery discovery Transgaz 2009 2012-13 August 2022 Mid-2023 First 3D Second 3D OMV
Slide 31: Development concept to bring novelties
Block area Development concept to bring novelties ● Zero harm ● Deploy innovative policy solutions 5 1 Domino reservoir ● ~1,000 m water depth ● Will produce via two subsea drill centers from 6 wells 4 2 Pelican South reservoir ● ~120 m water depth 2 ● Will produce via one subsea drill center from 4
Slide 32: Leveraging our experience while adding new capabilities
Project team Leveraging our experience while adding new capabilities Deep water mega project Shallow offshore management skills ● Gas fields operator for more than 4 decades ● International capabilities with strong ● Shallow offshore currently at ~25% of total experience in global deep-water project
Slide 33: Neptun Deep gas to have access to Romania and other potential gas markets
Accessibility and optionality Neptun Deep gas to have access to Romania and other potential gas markets EU 1 Hungary1 Moldova1 ~350 bcm ~9 bcm ~1 bcm Romania1 ~10 bcm Market demand 2022 Bulgaria1 Interconnecting Capacities in place ~3 bcm 1 Net importer 33 OMV Petrom Capital Market Story – September
Slide 34: A game-changer for OMV Petrom and Romania
Neptun Deep A game-changer for OMV Petrom and Romania Significantly boosts our Generates strong growth Improves carbon hydrocarbon production in profits to support competitiveness of our and shifts gas weight to investments in low and upstream portfolio as it 70% from current 50% zero carbon busines
Slide 35: Black Sea: build additional opportunities
Black Sea Build additional opportunities New offshore exploration wells 2-4 By 2030 Exploration expenditures EUR mn ~30 Annual average 2022-2030 Bulgaria – Han Asparuh OMV Petrom (42.9%), TotalEnergies (57.1% Operator) Black Sea Status: 5,000 km2 3D seismic data processing Bulgaria - Han Asparuh
Slide 36: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 37: Maximize potential of current E&P assets
Operational excellence Maximize potential of current E&P assets Focus on most profitable Value over volume Strict cost management barrels Maximize economic recovery: Enhance competitiveness Portfolio optimization through cost optimization > 400 workovers p.a. Disciplined approach on Stre
Slide 38: Transforming while delivering strong cash flows
Core E&P business highly cash generative Transforming while delivering strong cash flows Hydrocarbon production Production cost Operating cash flow kboe/d USD/boe USD/boe > 160 -35% 138 > 5% 30% ~16 CAGR 11 95-100 46% 50% >7 11 70% 54% 50% 2020 2025 2030 2020 2025 2030 2020 2025 2030 Gas Oil 38 OMV
Slide 39: Petrobrazi to capture demand growth
Maximize value through integration and efficiency Petrobrazi to capture demand growth Refinery utilization1 > 95 % Annual average 2022-2030 Expand aromatics kt/year +50 2026 Black liquid products yield2 -50% 2030 vs 2020 Bottom of the barrel upgrade3 ~200 kt/year 2030 1 Refers to crude distillation
Slide 40: Dual brand strategy to drive new value
Our Retail proposition Dual brand strategy to drive new value Customer focus Throughput per filling station1 Profitability per filling station2 Non-fuel business margin2 mn l k EUR EUR mn 20% 20% 100% 5 80 2020 2025 2030 2020 2025 2030 2020 2025 2030 1 In Romania; 2 Data refer to OMV Petrom operatin
Slide 41: Continue to explore all alternative energy and fuel solutions
Mobility services of the future Continue to explore all alternative energy and fuel solutions #The future is diverse #Mobility and service hub #Digitally enabled smart mobility Customer access – is a competitive Service stations – enable our network One single digital gate to our brand – advantage w
Slide 42: Support gas and power customers in their energy transition
Supplier of choice Support gas and power customers in their energy transition Total gas sales TWh 70 2030 Customers increase 20x 2030 vs 2020 Net electrical output TWh/year > 3.5 Average 2022-2030 Green power sales volume % in total > 20% 2030 42 OMV Petrom Capital Market Story – September 2023
Slide 43: Optimize traditional business
Strategy 2030 execution Optimize traditional business 2023 Finalize roll-out in Continue portfolio Intensified regional 400 Petrom- optimization; Petrobrazi operations branded stations refinery >85% utilization rate; Brazi planned shutdown Focus areas Execution 2022 275 new stores Increased drilling
Slide 44: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 45: Our strategy is enabled by a resilient financial frame
Financial Frame Our strategy is enabled by a resilient financial frame Rigorous capital Strong financial Attractive returns to discipline performance shareholders CAPEX1 of ~EUR 11 bn We target more than 5%-10% p.a. dividend ~35% CAPEX for low & double clean CCS EBIT growth zero carbon busin
Slide 46: Rigorous capital discipline underpins strategic directions
Financial Frame Rigorous capital discipline underpins strategic directions Average annual CAPEX per strategic pillar CAPEX breakdown per business segment EUR bn EUR bn 80% 1.3 1.3 1.1 1.1 IRR > 9% 0.7 0.7 IRR >12% IRR > 12% 2017-2021 2022-2025 2026-2030 2017-2021 2022-2025 2026-2030 Low and zero car
Slide 47: Strong financial performance across the entire business
Financial Frame Strong financial performance across the entire business Clean CCS EBIT Clean CCS EBIT Clean CCS ROACE per strategic pillar1 per business segment1 % EUR bn % > 1.5 5 > 12 40 9 ~ 0.7 7 10 0.5 60 55 33 67 30 2020 2025 2030 2020 2025 2030 2020 2025 2030 Low and zero carbon Gas & Power Re
Slide 48: Still strong financial position
Resilience under downside-price scenario1 Still strong financial position Clean CCS EBIT EUR bn Base case Downside scenario Under downside price scenario: > 1.5 2030 Clean CCS EBIT to double versus 2020 Commitment to pay progressive dividends ~1.0 maintained 0.7 CAPEX plans largely unchanged b
Slide 49: We deliver sustainable long-term value for our shareholders
Compelling investment proposition We deliver sustainable long-term value for our shareholders Sustainable long-term value Attractive shareholder returns Delivering ~35% CAPEX for low & zero carbon sustainable 5% - 10% p.a. growth in base dividend Clean CCS EBIT more than double shareholder P
Slide 50: Price assumptions
Strategy 2030 Price assumptions Base case prices 2022 - 2030 Downside-price scenario 2022 - 2030 Brent oil 65 – 70 Brent oil ~50 USD/bbl USD/bbl Indicator refining margin 5–6 Indicator refining margin 3–4 USD/bbl USD/bbl CO2 55 – 100 CO2 60 – 110 EUR/tCO2 EUR/tCO2 Electricity price 70 – 90 Electrici
Slide 51: Q2/23 results
Q2/23 results OMV Petrom S.A.
Slide 52: Commodity prices on a downward trend, with persisting volatility
Commodity prices On a downward trend, with persisting volatility Oil prices FX OMV Petrom indicator refining margin USD/bbl RON/USD, RON/EUR USD/bbl 4.9 4.9 4.9 4.9 4.9 24.4 4.9 4.8 18.8 4.6 4.6 4.5 17.1 16.6 114 11.2 101 89 81 78 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Avg USD/R
Slide 53: Mixed demand evolution despite economic growth
Romanian environment Mixed demand evolution despite economic growth GDP 4.8% 2.7% 3.2% 3.5% Growth expected 20221 Q2/231 2023e2 2024e2 Inflation 9.4% 7.5% 4.4% (CPI) On a downward July 23/July 221 2023e3 2024e3 trend Romania maintained at investment grade by major rating agencies4 Demand Q2/23 yoy 6
Slide 54: Persistent interventions
Romanian regulatory environment Persistent interventions Regulations in place Increasingly regulated gas sales portfolio Gas and power market: Q2/22 Q1/23 Law 357/2022: approving GEO 119/2022; introduced price caps 22% 22% for gas and power, price cap for gas used in power production, 57% regulate
Slide 55: Significant progress in delivering on our Strategy 2030
Key messages Q2/23 Significant progress in delivering on our Strategy 2030 Good financial performance Clean CCS Operating result Operating Cash Flow Clean CCS ROACE RON 1.6 bn RON 0.4 bn 31.3% -56% yoy -89% yoy -4pp yoy Operational performance Strategic focus Neptun Deep: FID in June/23 Contribu
Slide 56: Operational performance impacted by key assets maintenance
Operational performance Impacted by key assets maintenance Exploration and Production Refining and Marketing Gas and Power Hydrocarbon production Refinery utilization rate Gas sales volumes kboe/d % TWh -5% -5% -55 pp -14% 120 117 118 116 114 99 99 98 12.5 13.1 86 11.0 57 56 57 56 55 9.8 9.5 31 63 6
Slide 57: CAPEX on an upward trend
CAPEX On an upward trend Group CAPEX1 RON bn 6m/23 2023E ~6 RON 2.4 bn: RON ~6.0 bn: 16 new wells and sidetracks; ~240 Wells and sidetracks: ~55; ~450 workovers workovers Coke drums replacement Neptun Deep project 3.6 Coke drums replacement 2.8 Major turnaround in Petrobrazi refinery
Slide 58: EUR 11 bn CAPEX for a predictable and cleaner energy future
Strategy 2030 in action EUR 11 bn CAPEX for a predictable and cleaner energy future Neptun Deep Photovoltaics E-mobility Attractive dividends • 2027 - first gas • CE Oltenia partnership: • 150 charging points installed • Base DPS: RON 0.0375 /share • 100 bcm - total estimated 450 MW • EU financing f
Slide 59: Resilient results
Income Statement Resilient results Clean CCS Operating Result RON bn -56% -37% Q2/23 Clean CCS Operating Result reflects: 3.7 5.9 ► Lower commodity prices and refining margin 0.8 1.5 3.7 1.2 1.6 1.8 1.2 ► Planned turnarounds and maintenance activities 0.8 1.9 0.1 0.5 3.0 ► Lower fuels and electric
Slide 60: Lower prices and prolonged planned maintenance
Clean CCS Operating Result Lower prices and prolonged planned maintenance E&P RON mn Lower E&P taxation 1,889 mpairments -433 -305 1,152 Realized crude price -33%; lower realized gas price Hydrocarbon sales -6% Higher production costs Q2/22 Market effects1 Operational effects Q2/23 R&M and
Slide 61: Positive net working capital
Cash flow Positive net working capital Cash Flow from Operating Activities RON bn -21% -89% 3.7 6.4 Q2/23 Cash Flow from Operating Activities: 5.1 0.4 4.3 ► Decrease in operating cash flow before working capital changes 4.5 7.8 1.4 2.2 ► Solidarity contribution for 2022 paid in Q2/23, RON (1.5) bn
Slide 62: Record high dividends for the second year in a row
Special dividend Record high dividends for the second year in a row Total dividends to be distributed Highly competitive in 2023 of ~RON 5.1 bn among our peers DPS Dividend yield (DY) 1,2 Dividend yield 2021-2022 2,3 19.6 RON/share % % 19.6 15.9 15.9 0.079 0.083 6.5 0.045 0.045 4.7 0.034 0.038 2021
Slide 63: Outlook 2023
OMV Petrom S.A. @® OMV Petrom The energy for a better life.
Slide 64: Outlook 2023-2025
Outlook 2023-2025 Indicators Actual Assumptions/ Targets Assumptions/ Targets 6m/23 2023 2024-2025 averages Brent oil price USD 79.7/bbl USD 75 – 80/bbl USD ~75/bbl (prev.: USD >80/bbl) Production 1 115 kboe/d ~110 kboe/d 95 – 100 kboe/d Refining margin USD 14.0/bbl USD >10/bbl USD ~9/bbl (prev.: US
Slide 65: EBIT sensitivities in 2023
Sensitivities EBIT sensitivities in 2023 2023 sensitivities Change EBIT impact Brent oil price USD +1/bbl ~EUR +15 mn OMV Petrom indicator refining margin USD +1/bbl ~EUR +25 mn Exchange rates EUR/USD USD appreciation by 5 USD cents ~EUR +50 mn 65 OMV Petrom Capital Market Story – September 2023
Slide 66: FY22 results
FY22 results OMV Petrom S.A.
Slide 67: Sustainability targets
Sustainability targets 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:
Slide 68: Improved throughout all business segments
Clean CCS Operating Results Improved throughout all business segments E&P 5,433 Realized crude price +45% RON mn 14 Higher gas price, partially offset by higher royalties and gas overtaxation 3,605 Positive FX effect on revenues 1,814 Lower depreciation Hydrocarbon sales -7% 2021 Market ef
Slide 69: Exploration & Production
Operational KPIs Exploration & Production Production cost Key drivers 2022 vs. 2021 +3% USD/boe 12.73 13.15 11.18 Lower production available for sale 10.90 10.88 Increased expenses, including personnel one-offs in H2/22 Favorable FX One-off effect related to tax audit 2018 2019 2020 2021 202
Slide 70: Refining & Marketing
Operational KPIs Refining & Marketing OMV Petrom Indicator refining margin Key drivers 2022 vs. 2021 +203% USD/bbl 16.59 Better products spreads, mainly for diesel and gasoline 6.28 5.47 4.67 2.89 2018 2019 2020 2021 2022 Retail sales volumes (mn t) and Retail Operating Result per filling station
Slide 71: Gas & Power
Operational KPIs Gas & Power Gas sales volumes Key drivers 2022 vs. 2021 TWh 57.0 -6% -6% 54.8 48.9 Lower equity gas quantities available 47.3 46.1 Deliveries to the regulated market and under supplier of last resort mechanism Expanded regional sales 2018 2019 2020 2021 2022 Brazi net electric
Slide 72: Appendix
Appendix OMV Petrom S.A.
Slide 73: Exploration and Production map
Regional footprint Exploration and Production map 73 OMV Petrom Capital Market Story – September 2023
Slide 74: Romanian oil market 2022 overview
Romanian oil market 2022 overview Crude Supply Refineries Distribution Production: Refineries Petrobrazi combined nameplate capacity ~13 mn tpa 24% Processed crude oil1 Transportation: Conpet ~11,6 mn t pa of which ~8.9 mn t from import Rompetrol (Petromidia, Vega) Imports: various 66% Lukoil (Petro
Slide 75: 780 filling stations at end 2022
OMV Petrom Group filling stations 780 filling stations at end 2022 Retail fuel sales mn l Moldova 3,074 3,160 2,798 2,922 2,746 69 117 120 97 101 129 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Romania 171 175 147 177 185 393 162 Black Sea 2018 2019 2020 2021 2022 Bulgaria 63 Serbia 318 312 24
Slide 76: Romanian gas market 2022 overview
Romanian gas market 2022 overview Regulatory Supply Distribution Demand Regulatory Production: Storage: Supply: Heat & Power incl. Body Romgaz, Depomures Romanian Romgaz, … Energy Industry/ Regulatory Commercial Authority Romgaz, Distrigaz Sud (ANRE) Engie Romania, (Engie), 79% E.ON Energie Delgaz G
Slide 77: Romanian power market 2022 overview
Romanian power market 2022 overview Regulatory Supply Market(s) Distribution Demand Regulatory Production: Mid/long term fwd Body contract market(s) Coal 19% (OPCOM / bilateral) Romanian Energy Spot (DAM / ID) Internal market Regulatory Gas 19% Transport & market (OPCOM) Authority Distribution Distr
Slide 78: Cash flow Statement
Financial performance Cash flow Statement RON mn 2018 2019 2020 2021 2022 Cash flow from operating activities (CFO) 7,385 6,803 5,556 6,997 11,337 Thereof, Change in net working capital (NWC) 32 -256 964 -433 -3,544 Cash flow from investing activities (CFI) -4,261 -3,556 -3,163 -2,253 -3,104 Cash fl
Slide 79: Income Statement
Financial performance Income Statement RON mn 2018 2019 2020 2021 2022 Sales 22,523 25,485 19,717 26,011 61,344 Clean CCS Operating Result 4,804 4,573 2,287 4,346 12,198 Thereof Exploration & Production 3,224 2,845 7 1,814 5,433 Refining & Marketing 1,335 1,501 1,454 2,041 4,019 Gas & Power 360 282
Slide 80: Operating Result
Financial performance Operating Result RON mn 2018 2019 2020 2021 2022 Clean CCS Operating Result 4,804 4,573 2,287 4,346 12,198 Thereof Exploration & Production 3,224 2,845 7 1,814 5,433 Refining & Marketing 1,335 1,501 1,454 2,041 4,019 Gas & Power 360 282 718 781 2,942 Corporate and Other -87 -89
Slide 81: Key indicators
Financial performance Key indicators in RON mn 2018 2019 2020 2021 2022 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Sales 22,523 25,485 19,717 26,011 61,344 11,898 13,683 18,667 17,096 9,473 8,391 Clean CCS Operating Result 4,804 4,573 2,287 4,346 12,198 2,241 3,660 4,230 2,067 2,095 1,614 Operating Result
Slide 82: Contact
Contact OMV Petrom Investor Relations OMV Petrom S.A. investor.relations.petrom@petrom.com 22 Coralilor St, District 1, www.omvpetrom.com Petrom City, Bucharest Tel: +40 372 161 930 Financial calendar 2023 September 12: General Meeting of Shareholders October 31: Q3 2023 results 82 OMV Petrom Capita