Average Brent price (USD/bbl) for Q4 2018 was 68.81 (+12% YoY), while average Ural price (USD/bbl) amounted to 68.33 (+12% YoY). Total hydrocarbon production and totally hydrocarbon sales volume decreased by 5% and 7%, respectively. Total refined product sales increased by 7%.
OMV Petrom has published a document stating some basic provisional information on their economic environment as well as their key performance indicators for Q4 2018, showing mixed results.
| wdt_ID | Economic environment | Q4/17 | Q1/18 | Q2/18 | Q3/18 | Q4/18 | % change (18/17) |
|---|---|---|---|---|---|---|---|
| 1 | Average Brent price (USD/bbl) | 61.26 | 66.82 | 74.39 | 75.16 | 68.81 | 12% |
| 2 | Average Urals price (USD/bbl) | 60.77 | 65.17 | 72.74 | 74.16 | 68.33 | 12% |
| 3 | Average USD/RON FX- rate | 3.923 | 3.786 | 3.904 | 3.995 | 4.083 | 4% |
| 4 | Average EUR/RON FX-rate | 4.617 | 4.655 | 4.652 | 4.647 | 4.660 | 1% |
| wdt_ID | Upstream | Q4/17 | Q1/18 | Q2/18 | Q3/18 | Q4/18 | % change (18/17) |
|---|---|---|---|---|---|---|---|
| 1 | Total hydrocarbon production (kboe/d) (I+II) | 165 | 162 | 160 | 160 | 156 | -5% |
| 2 | I. Crude oil and NGL production (kboe/d) | 73 | 73 | 74 | 74 | 72 | -3% |
| 3 | II. Natural gas production (kboe/d) | 92 | 89 | 86 | 87 | 84 | -9% |
| 4 | Total hydrocarbon sales volume (mn boe) | 14.3 | 13.5 | 13.7 | 13.7 | 13.3 | -7% |
| 5 | Average realized crude price (USD/bbl) | 52.61 | 57.36 | 64.65 | 66.35 | 59.71 | 13% |
| wdt_ID | Downstream Oil | Q4/17 | Q1/18 | Q2/18 | Q3/18 | Q4/18 | % change (18/17) |
|---|---|---|---|---|---|---|---|
| 1 | Indicator refining margin (USD/bbl) | 6.16 | 6.56 | 6.72 | 6.62 | 5.27 | -14% |
| 2 | Refinery utilization rate (%) | 91 | 94 | 49 | 98 | 99 | 8 p.p. |
| 3 | Total refined product sales (mn t) | 1.26 | 1.12 | 1.13 | 1.39 | 1.35 | 7% |
| wdt_ID | Downstream Gas | Q4/17 | Q1/18 | Q2/18 | Q3/18 | Q4/18 | % change (18/17) |
|---|---|---|---|---|---|---|---|
| 1 | Gas sales volumes to third parties (TWh) | 11.13 | 12.13 | 9.51 | 7.54 | 9.74 | -12% |
| 2 | Net electrical output (TWh) | 1.05 | 0.89 | 0.42 | 1.04 | 1.48 | 41% |
According to it, the average Brent price (USD/bbl) for Q4 2018 was 68.81 which is a 12% increase, compared to last year. Average Ural price (USD/bbl) amounted to 68.33 which is also a 12% increase YoY.
When observing Upstream, total hydrocarbon production decreased by 5% and total hydrocarbon sales went down by 7%, amounting to 13.3m barrels. Furthermore, average realized crude price (USD/bbl) amounted to 59.71 which is a 13% increase YoY.
When looking at downstream oil, indicator refining margin (USD/bbl) amounted to 5.27, which is a decrease of 14% YoY. Next, Refinery utilization rate improved by 8 p.p, reaching 99%. Note that in Q2 2018 OMV Petrom reported a 49% refinery utilization rate, as it was impacted by the Petrobrazi refinery turnaround. Total refined product sales amounted to 1.35m tons, which is a 7% increase YoY.
Turning our attention to Downstream Gas, gas sales volumes to third parties decreased by 12%, amounting to 9.74 TWh, while net electrical output increased by 41% amounting to 1.48 TWh.
Note that OMV Petrom will publish their preliminary 2018 annual results on 6 February 2019.
