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.