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)|
|wdt_ID||Upstream||Q4/17||Q1/18||Q2/18||Q3/18||Q4/18||% change (18/17)|
|wdt_ID||Downstream Oil||Q4/17||Q1/18||Q2/18||Q3/18||Q4/18||% change (18/17)|
|wdt_ID||Downstream Gas||Q4/17||Q1/18||Q2/18||Q3/18||Q4/18||% change (18/17)|
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.