Romanian oil and gas company OMV Petrom has reported a 57% decline in its fourth-quarter adjusted operating profit, attributed to regulatory impacts on gas and power, and weaker commodity prices.
The company, majority-owned by Austria's OMV, faced lower oil prices, reduced sales volumes, and declining refining and sales margins.
OMV Petrom plans to invest approximately 8bn lei this year, primarily in the Neptun Deep Black Sea offshore gas project and renewable power initiatives.
This follows a 52% increase in investment to 7.2bn lei in 2024, contingent on a stable and competitive fiscal and regulatory framework.
The company's adjusted operating profit fell to 955m lei from 2.24bn lei in the same period the previous year.
The clean operating result, based on the current cost of supply, excludes one-off items and short-term gains and losses from energy inventory holdings.
A turnover tax introduced in 2024 is expected to cost the company around 250m lei in 2025, up from 216m lei last year.
Additionally, a new 1% tax on special buildings, introduced in late December, is anticipated to have a financial impact valued at millions of euros.
Despite these challenges, OMV Petrom plans to start drilling this year for Neptun Deep in the Black Sea, one of the most significant natural gas deposits in the EU.
The company aims to achieve 2.5GW of renewable power by 2030.
