OMV Petrom’s shares gain 3.6% on better-than-expected Q3 results
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<p>The shares of energy group OMV Petrom (BVB: SNP) surged by nearly 3.6% after the company released&nbsp;<a href="https://bvb.ro/infocont/infocont24/SNP_20241029073508_OMV-Petrom-Investor-News-Q3-2024.pdf?mc_cid=74806d6eba&amp;mc_eid=cd1f92f96c" rel="noopener" target="_blank">Q3 results</a><u>&nbsp;</u>slightly above the market consensus on October 29. It was the biggest increase for SNP shares since October 3, 2022, when their price&nbsp;rose by 4.07%, according to&nbsp;<a href="https://www.zf.ro/burse-fonduri-mutuale/29-octombrie-2024-cea-buna-sedinta-omv-petrom-bursa-valori-bucuresti-22528719?mc_cid=74806d6eba&amp;mc_eid=cd1f92f96c" rel="noopener" target="_blank">Ziarul Financiar</a>.</p>

<p>The company reported its turnover dropped by 6% y/y to RON 26.6 billion (EUR 5.3 billion) in January-September.&nbsp;</p>

<p>On the exploration and production side, the results decreased by 26% y/y, the refining and marketing area fared better and ticked a 15% y/y increase, and the operational result on the gas and energy segment decreased by 74% y/y. Clean EBIT CCS contracted 23% y/y to RON 4.77 billion and plunged 36% y/y to RON 1.63 billion in Q3 alone.</p>

<p>The company’s Q3 results still arrived slightly above consensus, with clean EBIT CCS 3% above consensus according to Polish brokerage house Ipopema – which expected, however, even stronger (+5% versus consensus) results.</p>

<p>On the downside, OMV Petrom updated its 2024 outlook by reducing the refining margin outlook to about USD 9/bbl (from around USD 10/bbl), reducing Brent oil price to USD 80-85/bbl (down from around USD 85/bbl), increasing production outlook to roughly 108kboe/d (form over 106kboe/d) and reducing CAPEX guidance to around RON 7.5 billion (down from up to RON 8 billion).&nbsp;</p>

<p>Moreover, OMV Petrom has put the 2025-2026 outlook under review.</p>

<p><em>iulian@romania-insider.com</em></p>

<p><em>(Photo source: Flickr/OMV Petrom)</em></p>