OMV Petrom 1Q Gas Sales Down 0.7% On Year

04.28.2011 By Florentina Dragu

Romanian leading oil company OMV Petrom (SNP.RO) reported a 0.7% decline in natural gas sales to 1.46 billion cubic meters in the first quarter, from 1.47 billion cubic meters in the year-earlier period, Austria’s OMV said in its trading report Thursday.

Romanian leading oil company OMV Petrom (SNP.RO) reported a 0.7% decline in natural gas sales to 1.46 billion cubic meters in the first quarter, from 1.47 billion cubic meters in the year-earlier period, Austria's OMV said in its trading report Thursday.

However, Petrom's hydrocarbon output rose 0.5% on the year to 186,000 barrels oil equivalent (boe) per day, it said.

Groupwide, OMV reported an 18% increase in natural gas sales to 6.63 billion cubic meters in the first quarter, despite a slowdown in production.

The group reported total hydrocarbon output of 304,000 boe per day, down from 317,000 boe per day in the first quarter of 2010.

OMV estimated net special charges of EUR20 million for the first quarter, mainly related to the expected demolishing costs in relation with the closure of the Arpechim refinery in Romania.

OMV is due to release its quarterly financial report on May 11.

Petrom is Romania's largest vertically integrated oil company. Austrian OMV owns 51% of the company's shares, while Romanian Economy Ministry and regional investment fund Fondul Proprietatea hold 20.64% and 20.11% in Petrom, respectively. The reminder 8.24% stake is traded on the Bucharest bourse.

Thursday morning, Petrom's shares traded up 1.16% on the day at RON0.435.