We use cookies
To help provide you with a good experience on our website. By continuing to browse the website, you are agreeing to our use of cookies.

OMV Petrom reports wide refining margin on top of high crude oil price in Q2

BLACK SEA
OIL & GAS

OMV Petrom reports wide refining margin on top of high crude oil price in Q2

OMV Petrom reported in the second quarter of the year (Q2) a crude oil and NGL production of 57.5 thousand barrels of oil equivalent per day (kboe/d) (64.8 in the same quarter of 2021) and production of natural gas of 62.6 kboe/d (68.9 in Q2 last year), according to the data sent by the company to the Bucharest Stock Exchange. - Romania-Insider

Given the high price of petroleum products on the market, which increased more sharply than those of oil, the company obtained a very wide refining margin: USD 24.44 per barrel, up from USD 18.31 in the first quarter of the year and USD 4.27 in the same quarter of 2021.

Compared to Q1 this year, the refining margin rose by 33%. This refining margin could have been even higher, but the company made accounting changes related to the transfer price of crude oil.

In the context of an extraordinarily high Urals-Brent differential, triggered by the geopolitical context, starting Q2/22, Petrom bases the transfer price between Exploration & Production and Refining & Marketing on Brent instead of Urals, as Urals (lower) is no longer a relevant reference.

The price of Brent oil rose to USD 114 per barrel in Q2, from USD 102 in Q1 and USD 69 in Q2 last year.

Relevant news

DOWNSTREAM CENTRAL ASIA AND CASPIAN
Turkmennebit State Concern announces international tender for replacement of cold intermediate heat exchangers
Turkmennebit State Concern announces open international tender for replacement and dismantling and installation works of cold intermediate heat exchangers.
GO DIGITAL ENERGY
Aramco's Yanbu Refinery: pioneering the future with 4IR
Aramco is the only international energy company globally to have more than two facilities in the WEF Global Lighthouse Network
DOWNSTREAM CENTRAL ASIA AND CASPIAN
OMV Petrom signed a gas purchase contract with BOTAŞ (Türkiye)
OMV Petrom signed a contract for the purchase of natural gas with BOTAŞ.
GO HYDROGEN
OMV Petrom gets EUR 39 mln grant to produce green H2
OMV Petrom announces the construction of a hydrogen production capacity by water electrolysis at the Petrobrazi refinery.
BLACK SEA
OIL & GAS
OMV Petrom launches the sustainability report for 2021: 11 million Euro on social projects
OMV Petrom, has published the Sustainability Report for 2021.
GO NET ZERO ENERGY
OMV Petrom starts the production of sustainable aviation fuel
OMV Petrom, announced that it would produce sustainable aviation fuel at the Petrobrazi refinery.