OMV Petrom Group: results for January – March 2017

including interim condensed consolidated financial statements as of and for the period ended March 31, 2017

Highlights Q1/17

• Strong free cash flow of RON 646 mn
• Clean CCS Operating Result at RON 767 mn; more than half from Upstream
• OPEX reduced to USD 10.5/boe

Mariana Gheorghe, CEO of OMV Petrom S.A.:
"In Q1/17, we were able to convert improved market fundamentals into a solid operational and financial performance. We recorded a substantially improved operating cash flow of RON 1.3 bn, which together with CAPEX reduction led to a free cash flow of RON 646 mn. Increased oil prices and higher retail demand for fuels, coupled with our continued cost discipline, were reflected in a Clean CCS Operating Result of RON 767 mn, almost half of the entire 2016 figure. In Upstream, we further reduced production costs, while production decline was in line with our 2017 guidance, helped by the contribution from the Lebada Est NAG project. The Downstream Clean CCS Operating Result increased by 3% yoy, due to improved overall performance, strict cost management, and supported by strong refining margins. Our Q1/17 Operating Result was also supported by fiscal easing in Romania, in particular the elimination of the tax on special constructions starting January 2017.

Overall, our strong Q1/17 performance shows delivery in terms of operational excellence in all business segments, in line with our strategic objectives to enhance competitiveness in the existing portfolio."

You can find more details in the enclosed report.

• OMV Petrom Group Report Q1/2017,(0.40 MB, PDF)