Oil and gas company OMV Petrom reduced in the second quarter its production of oil, gas and electricity, but increased its refinery margin and refined products sales.
The company obtained a lower price per oil barrel than in the first three months of the year and the total closing of the electric station Brazi, after the partial one, affected the energy production and implicitly, the possibility of benefiting from the spot market price evolution of the Romanian energy and gas market operator (OPCOM).
In the second quarter of the year, the hydrocarbon production of OMV Petrom was 169,000 barrels/day, oil equivalent, by over 8,000 bep/day more reduced than the one from the similar period of 2016 and by 1,000 barrels/day under the production from the first quarter of this year.
The oil and condensed oil production of the company was 76,000 bep/day, identical with the first three months of the year, but by 5,000 bep/day under the second quarter of 2016.
Also the natural gas production decreased to 93,000 bep/day, by 3,000 bep/day compared with the similar period of 2016 and by 1,000 bep/day compared with the first three months of 2016.
OMV Petrom also reduced its total hydrocarbon sales volume to 14.6 million bep, by 0.5 million under the performance from the second quarter of 2016.
Compared with the first quarter of this year, the company’s sales increased by 0.3 million barrels equivalent of oil. On the same period of 2016, OMV Petrom obtained an average price of USD 36.86/barrel, while during April-June 2017 the company registered a price of USD 41.59/barrel.
On downstream, OMV Petrom results were better, as the usage rate of Petrobrazi refinery was 94 percent and the refinery margin continued to appreciate, from 6.82 percent in the second quarter of 2016 and 7.58 percent in the first quarter of 2017.