OMV Petrom Advances Neptun Deep Pipeline Installation as Q2 Operating Profit Rises

OMV Petrom reported a 27% increase in second-quarter clean CCS operating profit as stronger gas sales and refining performance offset weaker net income.

(Reuters) — Romanian energy company OMV Petrom posted a 27% increase in its clean CCS operating result for the second quarter, driven by stronger gas sales volumes, higher refinery utilization and increased fuel sales volumes

The clean operating result, which is based on the current cost of supply, excludes one-off items and short-term gains and losses from energy inventory holdings.

• Clean operating result rose to 1.51 billion lei ($331.39 million) from 1.19 billion lei a year earlier, with net profit attributable to shareholders falling 24% on the year to 774 million lei.
• Net profit attributable to shareholders declined as higher taxation and a weaker financial result offset operational gains.
• Sales revenues increased 45% year-on-year to 11.74 billion lei.
• The group maintained forecast for 2026 Brent crude prices at $85-$95 per barrel and raised expected refining margin to above $15 per barrel.
• OMV Petrom expects 2026 total net capital expenditure of up to 9.4 billion lei, mainly for the offshore Neptun Deep project and low-carbon projects.
• It also sees negative free cash flow before dividends in 2026 due to record-high investment spending.
• The Neptun Deep offshore project progressed in the second quarter with installation of the production platform and pipeline to shore, and completion of six out of ten development wells.

($1 = 4.5565 lei)