OMV Petrom SA, Romania’s biggest oil company, said its second-quarter profit rose 65 percent because of stable production.
Net income advanced to 1.06 billion lei ($319 million) from 643 million lei a year earlier, the Bucharest-based company said in a regulatory statement today. Sales shrank 7 percent to 5.8 billion lei because of lower crude sales volumes and lower product prices, it said.
“We have further pursued our significant investment program, which has enabled us to successfully stabilize production,” Chief Executive Officer Mariana Gheorghe said in the statement. “We are striving to deliver our ambitious 2013 investment program of more than 1.2 billion euros, while addressing the challenges in the gas and electricity markets, and relying on an investment-friendly regulatory and fiscal framework.”
Petrom’s total hydrocarbon production grew 1 percent in the second quarter to 184,000 barrels of oil equivalent a day from a year earlier because of higher gas output in Romania, it said. The crude price environment “remained supportive,” according to the statement.
Petrom is striving to stabilize its oil and gas production by redeveloping mature domestic fields and searching for new offshore resources in the Black Sea with Exxon Mobil Corp. (XOM) Spending on exploration totaled 70 million lei in the second quarter due to the acquisition of seismic data for the Neptun block in the Black Sea, it said.
Earnings before interest and taxes rose 53 percent to 1.4 billion lei from 909 million lei a year earlier, Petrom said.
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