OMV Petrom reported a strong operational performance for 2024, despite a challenging economic and regulatory environment. The company invested 7.2 billion lei, marking a 52% increase compared to 2023, with funds directed towards the Neptun Deep gas project, renewable energy initiatives, and expansion of its electric mobility network. However, the company’s current cost of supply (CCS) operating result, excluding special items, declined by 32% to 5.7 billion lei, largely due to lower commodity prices and regulatory changes that negatively impacted the gas and energy business, particularly in the second and fourth quarters.

Key Financial and Operational Results for 2024

Net profit increased to 4.2 billion lei from 4 billion lei in 2023.

Investment spending surged to 7.2 billion lei, up from 4.7 billion lei in 2023.

OMV Petrom contributed approximately 16 billion lei to Romania’s state budget through taxes and dividends.

Production of hydrocarbons exceeded expectations, reaching 109 thousand barrels of oil equivalent per day, with the lowest decline rate in seven years.

Refinery utilization reached 97%, significantly higher than the 80% recorded in 2023.

Total refined product sales rose by 6%, with retail sales in Romania increasing by 4%.

Net electricity production at the Brazi power plant reached 4.9 TWh, covering 10% of Romania’s total electricity production.

Strategic Investments and Future Outlook

OMV Petrom made significant progress in implementing its 2030 Strategy, aimed at reducing carbon emissions and expanding renewable energy projects. Key initiatives in 2024 included:

Advancing the Neptun Deep offshore gas project, with 90% of the budget already contracted.

Expanding its renewable energy portfolio to 2.4 GW, including partnerships in solar and wind energy.

Finalizing investment decisions for a sustainable aviation fuel (SAF) and green hydrogen production facility at the Petrobrazi refinery.

Strengthening its position as Romania’s largest electric vehicle charging network operator, with approximately 900 charging points by the end of 2024.

Looking ahead, OMV Petrom anticipates a volatile 2025 due to fiscal and regulatory uncertainties. However, the company remains committed to increasing investments, targeting a record 8 billion lei in 2025 to enhance Romania’s energy security and economic stability.

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